Annual Report 2024
2BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Table of Contents
Highlights from 2024 5
CEO´s Review 7
Strategy 2025 9
Innovative Products 10
Corporate Governance Statement 2024 11
Information for Shareholders 18
Board of Directors 19
Group Management Team 21
Financial Statements 22
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Biohit in Brief
“...a globally operating Finnish biotechnology company...”
Biohit Oyj is a globally operating Finnish biotechnology company that develops
diagnostic and other health products. Biohit’s mission is “Innovating for Health”.
Biohit is headquartered in Helsinki and has subsidiaries in Italy and the United
Kingdom. Biohit’s Series B shares (BIOBV) have been listed on NASDAQ OMX
Helsinki since 1999, in the Small Cap / Healthcare segment. The company was
established in 1988.
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Global Operations
Biohit is a Finnish health technology
company with profitable growth in
international markets. 98.5% of Biohit’s
business comes from exports.
Clinical trials for the flagship product
GastroPanel
®
are ongoing in countries
such as Belgium, Ireland, South Korea,
and Chile.
Biohit diagnostics is for sale in Europe,
Asia and South America. In 2024, the most
important regions in terms of sales were
Europe and Asia.
Biohit was actively involved in health
technology trade fairs. Biohit had an
impressive presence at MedLab in
Dubai, UEGW in Vienna and Medica
in Düsseldorf.
“Innovations to improve the quality of life.”
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GastroPanel
®
Quick Test (GPQT) in India
The clinical validation study of GPQT was successfully completed at Fortis Hospital
in India, and the study report was submitted for publication in an international
scientific journal. The results provided by the GPQT are highly consistent with
those of the GastroPanel ELISA test. Since GPQT delivers results immediately, it
serves as an excellent tool for point-of-care (POC) diagnosis of risk conditions of
the stomach during a single clinical appointment. This leads to significant cost
savings by eliminating the need for additional hospital visits.
“ Not everyone with upper abdominal pain needs to be seen.
GastroPanel
®
can be used to screen a blood sample for
patients who really need an endoscopy.”
Professor Francesco di Mario
Homerton study accepted for publication
A study conducted by the British University Hospital confirms the diagnostic
accuracy of Biohit’s GastroPanel
®
test. Homerton University Hospital, London,
conducted a clinical study to measure the performance of the GastroPanel
®
test in identifying the risk conditions of gastric cancer in patients with upper
abdominal complaints. The results confirm the reliability of the GastroPanel®
test in screening for gastric cancer risk.
Helsinki Internal Medicine Days 29 November 2024:
Professor Francesco di Mario
Francesco di Mario, Professor of Gastroenterology at the University of Parma,
gave a lecture on atrophic gastritis and its diagnosis. The main messages of
the lecture were:
•
Early diagnosis can save lives in cases of gastric cancer.
•
GastroPanel
®
provides a reliable non-invasive diagnostic tool.
Highlights from 2024
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€
€
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
2020 2021 2022 2023 2024
Summary 2024
Key figures 112/2024 112/2023
Revenue (MEUR)
14.3 13.1
EBITDA (MEUR)
2.9 2.2
Operative EBITDA (MEUR)
3.0 2.4
Operating profit/loss (MEUR)
2.6 1.8
Profit/loss before taxes (MEUR)
2.9 2.2
Profit/loss for the period (MEUR)
2.6 1.9
Average number of personnel
46 44
Number of personnel at the end
of the period
46 46
Equity ratio (%)
78.6% 73.0%
Earnings per share (EUR), Undiluted
0.17 0.12
Earnings per share (EUR), Diluted
0.17 0.12
Shareholders' equity per share (EUR)
0.80 0.62
Average number of shares during
the period
15,161,374 15,097,153
Number of shares at the end
of the period
15,181,593 15,113,593
Operative EBITDA
3.0 meur
98.5%
14.3 meur
Revenue
Equity ratio
78.6%
Revenue from
international operations
Revenue 2020-2024, MEUR
“Overall, 2024 was a strong year for Biohit.”
Jussi Hahtela, President and CEO
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President and CEO
Jussi Hahtela
Overall, 2024 was a strong year for Biohit. Our revenue grew from EUR 13.1 million the
previous year to EUR 14.3 million. This is an increase of 9.2%. Operating profit amounted
to EUR 2.6 million, up from EUR 1.8 million in the previous year. In addition to revenue,
profitability also improved. The operating profit margin was 17.9%, while in 2023 it
was 14.0%.
The increase in revenue in 2024 was largely driven by additional sales to existing customers.
By product group, the sales for the year were divided into two categories: Early in the year,
we sold a large amount of lower-margin OEM products, while during the latter part of the
year, the focus shifted to higher-margin in-house production. In terms of geography, sales
were highly dispersed.
There were some deals made, but the real theme for 2024 was the creation of opportuni-
ties for the years to come. Much of the work we have done must remain behind a veil of
business secrets, but a few major developments from last year were made public after the
period under review.
CEO’s review: Creating future opportunities
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GastroPanel’s UK conquest took a leap in the right direc-
tion after a study by the London-based Homerton University
Hospital confirmed the test to be highly accurate.
During the year, we secured extensive European distribu-
tion rights for Biomedal’s gluten tests for Biohit. This is a
move in line with our strategy. Our UK subsidiary has long
combined the sale of Biohit’s own products and high-quality
distribution products that complement the offering. The
Biomedal distribution rights are the first step towards
scaling the proven model to the entire company. Although,
in accordance with our mission, the core of our operations
will continue to be our own innovation, considering today’s
regulatory climate, it is rational to also grow our product
portfolio with distribution products. Our status as a premium
operator and our existing sales organisation provide good
conditions for this type of business scaling.
One of our major endeavours last year was the develop-
ment of the FAEX sample tube and perfecting it for sales.
After realising that no high-quality sample collection tube
that met our needs existed on the market, we developed
one ourselves. The sample tube is quantitatively accu-
rate and, being compatible with laboratory infrastructure,
extremely versatile. Going forward, we will use the tube
ourselves in our own ColonView (FIT) test, for example, as
well as sell it to other test manufacturers and end users.
Our successes in 2024 definitely include the letter of intent
concluded with the Singapore-based Restalyst, which was
announced in February 2025. Restalyst’s gastric cancer test
perfectly complements Biohit’s GastroPanel test, which
indicates risks for the very same cancer. The synergy benefits
are significant, and the collaboration also opens up new
sales channels for Biohit’s products through RestaGroup’s
laboratories and cooperation network.
Lessons from 2024
The lessons from the past year can be summarised as follows:
1. Even if you don’t hear anything from us, we are syste-
matically creating future opportunities all the time. We will
let you know when things are good and ready. We don’t
believe in making premature announcements.
2. Biohit is a credible and desirable partner for other
premium operators in gastrointestinal diagnostics.
3. We are doing the right things, but they sometimes
move painfully slowly. You can’t control everything.
Registrations are one thing, but distributors’ own
processes are also slow, and even the validation of
already registered products takes time.
4. There are always bumps in the road. Our products
have been sold in several countries in the Middle East for
years, but last year we had to postpone deliveries to the
region for the first time due to challenges with payment
transactions.
Into the new year with our eye on the ball
Thanks to a more efficient organisation, a product portfolio
that offers added value and a clear strategy, we are entering
the year 2025 with confidence in our own work and from a
good starting position. Things are going in the right direc-
tion. However, we can only reap the benefits once progress
is made in dealing with regulation and changing the clinical
practice guidelines, one country and market area at a time.
Change is slow and there are bumps in the road. Showing
off on a bumpy road is a bad combination, and that is why
actions will also come before words in 2025.
The biggest risks to growth relate to the Middle East.
Visibility is still limited and our guidance assumes that
sales volumes will not return to normal during the first
half of the year.
Guidance for 2025:
We expect our revenue to rise to EUR 15.7–17.1 million in
2025 (an increase of 10–20% when compared to 2024) and
our operating profit margin to be 10–20.
“ Biohit is a credible and desirable partner
for other premium operators in
gastrointestinal diagnostics.”
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Strategy 2025
Ageing population
Ingreasing gastrointestinal related problems
Scarce health care resources
Global problems - Global solutions
Widening markets
•
Presence in all relevant markets
•
Europe, Asia, South America,
North America
Widening product portfolio
•
Sustainable high-quality offering
•
Dynamic portfolio management
•
Partnerships
Active sales
•
Market driven sales
•
Need - Solution - Value-add
•
Closer to the customer
Attractive for talents
and investors
•
Profitable growing healthtech
•
Active talent acquisition
•
Active investor policy
Annual growth 15-20%
EBIT min 10%
Vision:
Gastrointestinal tract premium expert
• Combining the business and the science
• Innovations and collaborations
• Premium brand
• R&D
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Innovative Products
GastroPanel
®
quick test NT
Revolutionary quick test innovation of GastroPanel®
is available as a Point-of-Care test
GastroPanel
®
quick test NT is the further development of the unique Biohit GastroPanel
®
examination. Sample can be easily taken from the fingertip and results are available within
15 minutes. GastroPanel
®
quick test NT allows fast diagnosis of and screening for Helicobacter
pylori, atrophic gastritis with related risks as well as high acid output of stomach in symptomatic
and asymptomatic patients.
GastroPanel
®
quick test NT saves costs and unnecessary clinical appointments. It helps to
target endoscopic examinations to those patients, who need them most urgently. It significantly
improves the patient safety, as it speeds up the referral to further examinations, treatment
and follow-up.
Acetium
®
capsule
A unique innovation for
protection of the stomach
Acetium
®
capsule is a patented product in 45 countries to protect the gastric mucosa from acetal-
dehyde in people who have an acid-free stomach. Acetium
®
capsule is indicated for gastric protec-
tion in three high-risk groups: i) those with atrophic gastritis, ii) those taking PPIs or H2 blockers,
iii) those with chronic Helicobacter pylori infection.
Acetium
®
capsule slowly release L-cysteine, an amino acid that binds acetaldehyde derived from
alcohol, food and microbes in the stomach. The Acetium
®
capsule effectively protects the stomach
against the exposure to acetaldehyde and its carcinogenic effects. This can contribute to reducing
the risk of gastric and oesophageal cancer in at-risk groups.
Acetium
®
lozenge - Patented in 64 countries:
Sucking tablet for use in reducing tobacco
and alcohol dependence.
Helps to give up smoking without nicotine.
BIOHIT FAEX™ -Sample System, for which a patent
is pending in 2024. ColonView®-FIT-sample tube for
the collection and storage of stool samples.
For more information on the company’s innovations and products, visit: https://www.biohithealthcare.com/wp-content/uploads/2023/12/A-summary-about-Biohits-market-driven-and-ethical-activity-and-products.pdf
Biohit´s R&D cooperation
across different scientific
fields, innovations and
applications have established
valuable results for the
healthcare worldwide.
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Introduction
Biohit Oyj has prepared this Corporate Governance State-
ment based on Section 54 of the Finnish Corporate Gover-
nance Code for listed companies issued by the Securities
Market Association. The company will publish a separate
remuneration report for the financial year 2024 for governing
bodies according to the new shareholders right directive.
The existing remuneration policy and information on the
remuneration for the rest of the management team are
published by https://investors.biohithealthcare.com/en/.
The Report of the Board of Directors, Auditor’s Report, full
Corporate Governance Statement, remuneration policy and
the rest of the management team’s remuneration are avail-
able at https://investors.biohithealthcare.com/en/.
Rules observed by Biohit
Biohit Oyj is a Finnish public limited company whose series
B shares are listed on Nasdaq Helsinki in the Small cap/
Healthcare group. Biohit Group (hereinafter referred to as
“Biohit”) comprises the parent company, Biohit Oyj and its
foreign subsidiaries, which primarily focus on sales and
marketing for Biohit Oyj’s products. Biohit is headquar-
tered in Helsinki.
Biohit’s governance complies with the applicable legis-
lation, standards and recommendations concerning pub-
lic listed companies, the regulations of Nasdaq Helsinki
Ltd and Biohit Oyj’s Articles of Association. Biohit Oyj has
administered its affairs in compliance with the corporate
governance code 2025 for Finnish listed companies, and
this Statement has been prepared in accordance with the
code. The Corporate Governance Code is available at
www.cgfinland.fi.
Three of the members of the five-person Board of Direc-
tors are independent of the company so the company fulfils
recommendation number 10 stating that the majority of the
members of the Board of Directors must be independent
of the company.
The Board of Directors evaluates its independence annually.
The company strives to comply with high international
standards of corporate governance and the key principles
of corporate governance among Finnish listed companies.
Biohitin´s administrative bodies 2024
The highest decision-making power at Biohit Oyj is exer-
cised by the company’s shareholders at the Annual General
Meeting. The company’s Board of Directors supervises the
administration and organisation of the company and the
Group’s earnings trends. The President & CEO is responsible
for operative management and is assisted by the Manage-
ment Team.
Annual general meeting
Biohit Oyj held its 2024 Annual General Meeting on 5 June
in Helsinki. There were 2,108,000 A shares and 858,603 B
shares represented at the meeting, corresponding to 19.55%
of all the shares in the company and 59.99% of the votes. The
meeting was attended by four of the five members of the
Board of Directors, the President & CEO and the principal
auditor.
Board of directors
The Board of Directors, which comprises 5–7 members
elected by the Annual General Meeting, is responsible for
the administration and appropriate organisation of Biohit’s
Corporate Governance Statement 2024
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Approving the half year financial report annually for
the period ending at the end of June
Deciding on Biohit’s business plan, budget and
investment plan
Deciding on Biohit’s financing and risk
management policies
Approving the remuneration and incentive schemes
for senior managers
Appointing the President & CEO
Deciding on Biohit’s strategy, organisational structure,
investments and other wide-reaching and
significant issues
The Board’s decision-making is based on the reports pre-
pared by the company’s operative management on the
operational development of the Group and its business
units.
The Chairman is responsible for convening Board meetings
and arranging the work of the Board. The Board convenes
5–12 times per year, usually meeting once every month
or once every two months, and the meeting schedule for
the entire term is confirmed in advance. When necessary,
Board meetings are held more frequently or by telecon-
ference.
Board of directors in 2024
Until the Annual General Meeting held on 5 June 2024, the
following five people were on the Board of Directors: Vesa
Silaskivi (chairman), Liu Feng, Kalle Härkönen, Lea Palo-
heimo and Osmo Suovaniemi. At the Annual General Meet-
ing, Liu Feng, Kalle Härkönen, Lea Paloheimo, Vesa Silas-
kivi and Osmo Suovaniemi were re-elected to the Board
of Directors to serve until the end of the Annual General
Meeting in 2025. The Board of Directors elected Vesa Silas-
kivi as its chairman.
Biohit Oyj’s Board of Directors convened 10 times in 2024
(10 times in 2023). The average attendance was 96 per cent
(96 per cent).
Biohit Oyj’s Board of Directors
on 31 December 2024
Vesa Silaskivi Chairman, (b. 1966), LL.D, Lic (BA)
Member of the Board since 2023
Independent of the major shareholders and the company
Professional board member since 2016, several senior
management positions, for example in Valio, Elisa and
HPP Attorneys Ltd
Attended 10 Board meetings in 2024
Direct shareholding: No shares
Lea Paloheimo (b. 1951),
PhD (clinical biochemistry), hospital chemist
Member of the Board since 2019
Independent of the major shareholders and
the company
Employed by Biohit Oyj during 2001-2019, recently
working as a Production and Product Development
Director and Business Development Director
Attended 9 Board meetings in 2024
Direct shareholding: series B shares: 7,000
business operations. Proposals concerning membership of
the Board of Directors are prepared by the Board of Directors.
The recommendation of the Corporate Governance Code
2020 that both genders shall be represented on the board
of directors has been replaced by a recommendation that
there shall be balanced representation of women and men
in the board of directors. Balanced representation of women
and men shall be achieved no later than 30 June 2026.
Until then, Recommendation 8 of Corporate Governance
Code 2020 applies, according to which both genders shall
be represented on the board of directors.
One Board of Directors member out of five is woman and
four are men. The share of women is thus 20% and the
share of men 80%.
The Board of Directors elects a chairman from amongst
its members.
Board members’ terms of office run from the date of their
election by the AGM until the end of the next AGM.
The Board’s areas of responsibility are stated in the writ-
ten rules of procedure approved by the Board. They are
as follows:
Increasing shareholder value
Ensuring the appropriate organisation of accounting
and financial management
Approving Biohit Oyj’s financial statements, consoli-
dated financial statements and the Report of the
Board of Directors for the most recent financial period
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Group Management Team on 31 December 2024
The composition and areas of responsibility of the Group’s
Management Team were as follows: Jussi Hahtela (Presi-
dent & CEO), Jussi Sorvo (finance, ICT, HR), Ilari Patrakka
(CCO), Suvi Elomaa (production), Panu Hendolin (R&D),
Graham Johnson(sales and marketing) and Daniela Söder-
ström (quality and regis tration).
Two Group Management Team members out of seven are
women and five are men. The share of women is thus 29%
and the share of men 71%.
Jussi Sorvo (b. 1990)
MSc (Econ.)
Finance, HR, ICT

With Biohit Oyj since 2021
Previously: Accountant, PwC
Direct shareholding: series B shares: 16,000
Ilari Patrakka (b. 1980)

MSc (Econ.)
Chief Commercial Officer until 14 January 2025

With Biohit Oyj since 2012

Previously: retail sales channel manager at
Marioff Corporation Oy, marketing and export manager
at Gasmet Technologies Oy, sales manager at
Gasmet Technologies (Asia) Ltd.

Direct shareholding: series B shares: 20,116
Liu Feng (b. 1972), General Manager of Hefei Medicine Co., Ltd,
Owner of Biohit Healthcare Hefei
Member of the Board since 2018
Non-independent of the major shareholders and
of the company
Special researcher at the Counsellor’s Office of Anhui
Provincial People’s Government
The vice chairman of the Chinese National Early Gastro
intestinal-Cancer Prevention & Treatment Centre
Alliance member of the council of the China Health
Promotion Foundation
Attended 9 Board meetings in 2024
Indirect shareholding via Biohit Healthcare (Hefei) Co., Ltd.:
series A shares: 850,000, series B shares: 4,095,415
Kalle Härkönen (b. 1968), MSc. (Agriculture and Forestry)
Member of the Board since 2022
Independent of the major shareholders and
the company
CEO at Foamit Group Oy
Attended 10 Board meetings in 2024
Direct shareholding: series B shares: 4,333
Professor Osmo Suovaniemi (b. 1943), MD, PhD
Member of the Board since 1988 and Chairman 2011-2021
Non-independent of major shareholders and of
the company
Founder of Biohit and its former President & CEO
Attended 9 Board meetings in 2024
Direct shareholding: series A shares: 2,018,310;
series B shares: 0
Board committees
The Board of Directors have assessed that the scope of the
Biohit Oyj’s business does not require the appointment of
a separate Audit Committee, and consequently no separate
committees have been appointed to increase the efficiency
of the Board.
President & CEO
The President & CEO is responsible for the day-to-day
management of the company in accordance with the
instructions and regulations issued by the Board of Direc-
tors. The President & CEO of the parent company is elected
by the Board and acts as Group President. He also ensures
the appropriate organisation and legality of the com-
pany’s accounting and asset management. The terms of
employment of the President & CEO are based on a written
contract that is approved by the Board of Directors. The
President & CEO cannot be elected Chairman of the Board.
During the financial period, Jussi Hahtela MSc Econ. acted
as the CEO.
Jussi Hahtela (b. 1973)
MSc (Econ.)
With Biohit Oyj since 2021 (CFO until 1 September 2022)
Previously: Chief Strategist, Head of FX & Money
Markets Sales Finland, Nordea Markets
Direct shareholding: series B shares: 40,000
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Suvi Elomaa (b. 1985)
Biotechnology and food engineer
Production Director
With Biohit Oyj since 2013
Previously: Project engineer at the Institute of Bio-
medicine, Department of Physiology at University of Turku
Direct shareholding: series B shares: 16,000
Graham Johnson (b. 1977)
BSc (Hons) Biomedical Science
Head of Global Sales and Marketing, Managing Director
Biohit Healthcare Ltd. (UK)
With Biohit Oyj since 2002, e.g. as Sales and
Marketing Director (UK)
Previously: Virology in Public health laboratories
Direct shareholding: No shares
Panu Hendolin (b. 1971)
Ph.D. (Molecular medicine)
Chief Technology Officer
At Biohit as R&D and Production Director in 2007-2008
as well as 2012-2017, Head of Technical Product mana-
gement at Biohit from February 2022 to December 2022.
Previously: Production Director at United Medix Labora-
tories Oy, Chief Technology Officer at Sulapac Oy.
Direct shareholding: series B shares: 13,177
Daniela Söderström (b. 1987)
MSc (Tech.)
Quality and Regulatory Affairs Director
With Biohit Oyj in the field of quality management
since 2014
Direct shareholding: series B shares: 46,000
Management of subsidiaries
The Managing Directors of the subsidiaries are responsible
for the management of subsidiary operations and they
report to the President & CEO of the parent company. The
subsidiaries are responsible for the sales and marketing
of Biohit’s products in their market areas. The managers
of subsidiaries operate under the management and super-
vision of Biohit’s President & CEO. In 2024, the Managing
Directors of Biohit’s subsidiaries were: Graham Johnson
(United Kingdom) and Franco Aiolfi (Italy).
The personal details and shareholdings of Biohit Oyj’s
Board of Directors and operative management are available
at https://investors.biohithealthcare.com/en/.
Decision-making procedure concerning remuneration
The remuneration policy and the rest of the management
team’s remuneration are available at
https://investors.biohithealthcare.com/en/.
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Pension plans
No other pension arrangements, beyond those mandated
by law, have been made with the Managing Directors of
Group companies.
Main characteristics of internal control of the
financial reporting process and risk management
Biohit’s internal control is responsible for ensuring that
the Group carries out its business operations within the
framework of the current regulations and legislation and
in accordance with the instructions of the Board of Direc-
tors. Internal control seeks to ensure that the Group
operates with maximum efficiency and that efforts are
made at various levels of the organisation to achieve the
objectives set in the strategy approved by the Board of
Directors. Risk management is geared towards supporting
the achievement of these objectives by anticipating and
managing business-related risks.
Control environment
Biohit’s business operations and administration aim to
realise the company’s values, of which the most important
is to promote health and well-being through innovation.
According to the strategy for 2024-2028, Biohit is a global
intestinal tract expert, relating to which it carries out manu-
facturing, sales and marketing activities.
Biohit’s control environment is defined by the Board of
Directors, which, as the highest administrative body, is
responsible for organising internal control. The President
& CEO is responsible for maintaining the efficiency of the
control environment and the functionality of internal control.
Biohit’s financial department is responsible for the func-
tionality of financial reporting as well as the interpretation
and application of financial statement standards in line
with the separately approved instructions.
Risk assessment
In the assessment of the risks related to financial reporting,
Biohit’s objective is to identify the major risks associated
with the Group’s business operations and environment. The
cost-effective management and monitoring of these risks
will then ensure that the company’s strategic and opera-
tional targets can be reached as intended.
The Board of Directors carries the main responsibility for
risk assessment and monitoring the implementation of
risk management. The President & CEO works with the
parent company’s operative management and subsidiaries’
managers to ensure that the Group’s risk management is
duly arranged. The parent company’s operative manage-
ment is responsible for identifying and managing the risks
involved within each business area, while the subsidiaries’
Management Teams are responsible for those in their own
market areas.
Remuneration of members of the Board of Directors
The Annual General Meeting approves the fees of Biohit
Oyj’s Board of Directors. The remuneration paid to the other
members of Biohit Oyj’s Board of Directors is decided by
the company’s Board of Directors in accordance with the
company’s rules on related-party transactions, which are
described in the section “related-party transactions”.
President & CEO and other company management
The Board approves the President & CEO’s remunera-
tion and terms of employment. The severance payment is
dependent on the duration of the CEO’s term.
The Board approves the remuneration and terms of
employment of members of the Management Team. Biohit Oyj’s
Board of Directors approves the principles of the incentive
schemes for Management Team members and the Presi-
dent & CEO.
The President & CEO approves the salaries and profit-based
incentives of subsidiaries’ Managing Directors in accor-
dance with the instructions provided by Biohit’s Board of
Directors. Profit-based incentives are dependent on sales
and profitability trends for each unit.
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policy also specifies who is responsible for communica-
tions in different situations.
Biohit’s financial department regularly provides infor-
mation on processes related to financial administration
reporting. This ensures the real-time availability of data,
which is a prerequisite for efficient internal control.
Financial administration guidelines and the company’s
information release policy aim to ensure the promptness
and comprehensiveness of communications as well as the
release of the information required for internal control
purposes.
Monitoring
The efficiency of internal controls on financial reporting is
overseen by the Board of Directors, the President & CEO,
Management Team members and the Managing Directors
of subsidiaries. Control focuses on following weekly and
monthly financial reports and forecasts and analysing any
deviations from business plans. Monitoring is performed at
all Board and Management Team meetings where reports
are reviewed. It is supported by regular contact between
Group Management and the company’s auditor, and analysis
of any deviations, which occurs at least once per quarter.
The audit frameworks for the Group’s subsidiaries and
key audit areas are jointly defined by the Group’s financial
management and the chief auditor. Biohit has not appointed a
pany provides the reporting systems necessary for busi-
ness and financial management. The financial department
of the parent company provides instructions for drawing
up annual and interim financial statements and prepares
the consolidated financial statements.
The parent company’s finance department retains central
control of funding and administrative matters within the
framework of the instructions provided by the Board of
Directors and the President & CEO and is also responsible
for the management of interest and exchange rate risks.
The Managing Directors of the subsidiaries ensure that the
subsidiaries’ reporting is carried out in accordance with
the instructions given by the Group’s Management Team.
The parent company’s administration department controls
and provides instructions on Group-level personnel poli-
cies and any agreements made within the Group.
Disclosure policy
Biohit aims to provide all its stakeholders with informa-
tion about the company’s operations in a proactive, con-
sistent and timely manner. The company seeks to take the
special requirements and interests of all its stakeholders
into account in its communications in order to increase
confidence in the company and thereby promote its busi-
ness operations. Biohit’s Board of Directors has approved
an information release policy with a view to ensuring the
accuracy and reliability of any information released. The
Risk management is one of the areas covered by Biohit’s
internal control processes, which regularly monitor the
risks associated with the company’s business operations,
identify any changes and, if necessary, take appropriate
action to hedge against them. Risk management focuses
on ensuring the continuity of business operations and pre-
venting financial misconduct.
Control measures
Internal control measures are integrated into the Group’s
general business management and reporting process. The
subsidiaries report to Group Management on business
and earnings trends and the most significant deviations
on a monthly and quarterly basis. The Group’s Manage-
ment Team reports to the Board of Directors on the overall
development of business; these two bodies, together with
the President & CEO, decide on overall corporate strate-
gies and procedures guiding the operations of the Group.
The subsidiaries’ Boards follow business developments
and ensure that the parent company’s approved instruc-
tions and guidelines are followed. As a rule, the Boards of
Directors of the subsidiaries meet monthly. Board work in
the subsidiaries is based on financial reports and the writ-
ten monthly and annual reports drawn up by subsidiary
management.
Biohit’s business control is carried out in accordance with
the management system described hereinabove. The com-
17BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
invoiced auditors’ fees for the 2024 financial period
totalled EUR 166,000 (EUR 124,000 in 2023). In addition to
this, PricewaterhouseCoopers Oy was paid a total of EUR
30,000 for other services (EUR 3,000 in 2023).
Related party transactions
The company keeps a list of its related parties, and it regu-
larly engages in transactions with some of these parties.
These transactions are related to the company’s ordinary
business activities, they are appropriate in terms of the
company’s operations and they are executed on ordinary
market terms. The company’s financial management monitors
and supervises related-party transactions as part of the com-
pany’s normal reporting and supervision practices. Relevant
transactions between the company and its related par-
ties are reported annually in the notes to the company’s
consolidated financial statements. The company’s Board
of Directors makes all the relevant decisions concerning
related-party transactions. Decision-making is based on
particularly thorough preparation and appropriate reports,
statements and estimates. Preparation of the related-party
transactions, decision-making and approval have been
arranged to take account of the disqualification rules and
appropriate decision-making entities.
Biohit Oyj’s Board of Directors made the following
decision on 2024 related party transactions:
1. As part of his work as the head of scientific advisory
board, Osmo Suovaniemi’s compensation amounted
EUR 111,000 (2023: EUR 144,000).
2. As part of his work as the managing director of Biohit
Healthcare S.r.I, Franco Aiolfi will be paid a fixed fee
of EUR 18,000 in 2024 (2023: EUR 18,000).
3. The members of the scientific advisory board will be
paid EUR 85 per hour for the work outside the
scientific advisory board.
Insiders
Biohit applies the Guidelines for Insiders approved by
Nasdaq Helsinki Ltd as well as any relevant amendments.
Biohit’s President & CEO is responsible for insider control.
He ensures that those who handle insider information are
aware of the insider regulations and that they adhere to
the trading restrictions. Insiders are not allowed to trade
Biohit Oyj securities for 30 days before the publication of
the company’s financial statement bulletin and interim
reports. Insiders participating in projects are not allowed
to trade shares in Biohit before an announcement has been
made of the continuation or discontinuation of a project.
Information on the shareholdings of Biohit’s insiders
and their trading activity is available at
https://investors.biohithealthcare.com/en/.
separately organised function for internal auditing purposes,
but Biohit’s financial department has the responsibility to
implement it in practice.
The Group has internal control reporting systems required
for financial management and monitoring business develop-
ment. The reporting systems produce monthly financial data
so that financial management can ensure compliance with
the parent company’s approved instructions on matters
such as authorisation.
The Group’s auditor and the auditors of each subsidiary
evaluate the effectiveness of the internal control system in
connection with the external audit.
Audit 2024
The auditor elected by the AGM is responsible for Biohit’s
statutory audit. According to the Articles of Association,
the company must have one auditing body approved by the
Central Chamber of Commerce. The 2024 Annual General
Meeting re-elected auditing firm PricewaterhouseCoopers
Oy as the company’s auditor for a one-year term, with Tiina
Puukkoniemi, Authorised Public Accountant, as chief auditor.
Auditor and auditor’s fees
The 2024 Annual General Meeting decided to pay auditor’s
fees in accordance with the auditor’s invoice. The Group’s
18BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Information for Shareholders
General meeting of shareholders
Biohit Oyj’s Annual General Meeting has been planned for
Wednesday 4 June 2025 in Helsinki. The Board of Directors
will call the General Meeting at a later date.
Board´s proposal for distributing of profit
The parent company’s distributable funds (unrestricted
equity) on 31 December 2024 are EUR 8,222,057.08 of
which the period net profit is EUR 2,406,631.87. The Board
of Directors proposes to the Annual General Meeting that
no dividend be paid for the fiscal year.
Shares
Total number of shares:
15,181,593 (15,113,593 in 2023)
Series A shares (20 votes per share):
2,975,500 (2,975,500 in 2023)
Series B shares (1 vote per share):
12,206,093 (12,138,093 in 2023)
Biohit Oyj’s series B shares are listed in the Nasdaq
Helsinki Ltd Small Cap group. The shares are traded under
the symbol BIOBV. More detailed information about Biohit
Oyj’s shares is provided in the notes to the consolidated
financial statements and on the company’s website at
https://investors.biohithealthcare.com/en/.
Financial communication
The financial reviews and other stock exchange releases
published by Biohit are available on the company’s web-
site at https://investors.biohithealthcare.com/en/.
You can also subscribe to receive financial communications
by email using the subscription form on the website.
Next financial report
The half-year financial report for January - June 2025
(H1) will be published on Wednesday 6 August 2025.
Silent period
Biohit observes a silent period of 30 days before results
are published. During this period, Biohit’s management
and other personnel will not provide information about
the company’s financial position or market related com-
ments, nor will they meet with representatives from equity
markets or the financial media. However, if an event that
requires immediate publication takes place during the
silent period, Biohit will publish information without delay
in accordance with disclosure regulations. In such cases,
the company is able to comment on the event.
19BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Boards of Directors
Liu Feng born in 1972
General manager of Hefei Medicine Co., Ltd,
Member of the Board of Biohit Oyj since 2018
Non-independent of the major shareholders and of the company
Other relevant experience:
Special researcher at the Counselor’s Office of
Anhui Provincial People’s Government
The vice chairman of the Chinese National Early
GastrointestinalCancer Prevention & Treatment
Center Alliance
Member of the council of the China Health
Promotion Foundation.
In 2013, Liu Feng and his companies and Biohit Oyj
established a joint venture Biohit Healthcare (Hefei) Co., Ltd
Vesa Silaskivi born in 1966
LL.D, Lic (BA)
Chairman of Biohit Oyj’s Board of Directors
Member of the Board since 2023
Independent of the major shareholders and the company
Other relevant experience:
Professional board member since 2016, several senior
management positions, for example in Valio, Elisa and
HPP Attorneys Ltd
Lea Paloheimo born in 1951
PhD (clinical biochemistry), hospital chemist
Member of the Board of Biohit Oyj since 2019
Independent of the major shareholders and the company
Other relevant experience:

With Biohit Oyj during the years 2001-2019. Production
and Product Development Director, Business Develop
ment Director
20BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Boards of Directors
Kalle Härkönen born in 1968
Foamit Group Oy, CEO
Member of the Board of Biohit Oyj since 2022
Independent of the major shareholders and the company
Other relevant experience:
More than 25 years of experience in international business in various industries,
especially in managing and developing companies and their global supply chains
through digitalization and innovation.
Teknos Group Oy, Deputy CEO, COO, Head of Group
Operation and Logistics, 2016 – 2020
Fazer Confectionery Ltd, Vice President Supply chain & sourcing, 2013 – 2016
Sartorius Biohit Liquid Handling Oy, part of Sartorius Lab Holding GmbH,
Vice President, Liquid Handling Operation, 2012 – 2013
Biohit Oyj, Chief Operational Officer (COO), 2001 – 2012
Osmo Suovaniemi born in 1943
MD, PhD, Professor
Member of the Board of Biohit Oyj since 1988, Chairman 2011-2021
Non-independent of the major shareholders and of the company
Other relevant experience:
The founder of Biohit Oyj
The founder, main shareholder, chairman, and CEO of Labsystems Oyj and Eflab Oy
Received an award in 1992 for having most patents in Finland.
A board member, vice-chairman, and chairman of the General Industry Group in
Finland in 1978-1986
A board member of the Confederation of Finnish Industry in 1986
A member of the Academy of Technical Sciences from 2003
21BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Group Management Team
Daniela Söderström born in 1987
MSc (Tech.), Quality and
Regulatory Affairs Director
With Biohit Oyj since 2014.
Jussi Hahtela born in 1973
MSSc, President and CEO
With Biohit Oyj since 2021.
Panu Hendolin born in 1971
Ph.D. (Molecular medicine),
Chief Technology Officer
With Biohit Oyj since 2022.
Suvi Elomaa born in 1985
Biotechnology and food engineer,
Production Director
With Biohit Oyj since 2013.
Graham Johnson born in 1977
Head of Global Sales and Marketing,
Managing Director Biohit
Healthcare Ltd. (UK)
With Biohit Oyj since 2002.
Jussi Sorvo born in 1990
MSc (Econ.), CFO
With Biohit Oyj since 2021.
22BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Financial Statements
1. Report by the Board of Directors
23
2. Consolidated Financial Statements*
29
Consolidated Comprehensive Income Statement
29
Consolidated Balance Sheet
30
Statement of Changes in Consolidated Shareholders´ Equity
31
Consolidated Cash Flow Statement
32
Notes to the Consolidated Financial Statements
33
3. Key Indicators
63
4. Shares and Shareholders
65
5. Formulae for Calculating Key Indicators
68
6. Parent Company’s Financial Statements*
69
7. Board of Director´s Proposal Regarding the Distribution of Profits*
82
8. Auditor´s Report
83
* Part of the financial statements
23BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
1. Report by the Board of Directors 2024
Summary
Revenue EUR 14.3 million (EUR 13.1 million)
Revenue grew by 9.2% compared to year 1-12/2023
Operative EBITDA EUR 3.0 million (EUR 2.4 million)
Cash at the end of the period EUR 3.7 million (EUR 3.3 million)
ROE 23.8% (21.9%)
Revenue from international operations 98.5% (98.4%)
of total revenue
Equity ratio 78.6% (73.0%)
Biohit’s revenue grew 9.2% from the previous year. Profitability has also improved. EBIT-% was 17.9% compared to 14.0% in 2023. The strong balance sheet creates good conditions to
further develop business and to stay on the growth track. Biohit’s equity ratio was 78.6% at the end of the financial year (73.0%). The company’s financial assets totalled EUR 6.6 million
(EUR 6.7 million).
Biohit Group key figures
1-12/2024 1–12/2023
Revenue (MEUR) 14.3 13.1
EBITDA (MEUR) 2.9 2.2
Operative EBITDA (MEUR) 3.0 2.4
Operating profit/loss (MEUR) 2.6 1.8
Profit/loss before taxes (MEUR) 2.9 2.2
Profit/loss for the period (MEUR) 2.6 1.9
Average number of personnel 46 44
Number of personnel at the end of the period 46 46
Equity ratio (%) 78.6% 73.0%
Earnings per share (EUR), Undiluted 0.17 0.12
Earnings per share (EUR), Diluted 0.17 0.12
Shareholders' equity per share (EUR) 0.80 0.62
Average number of shares during the period 15,161,374 15,097,153
Number of shares at the end of the period 15,181,593 15,113,593
24BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Reporting
Biohit’s product portfolio consists of diagnostic tests, analysis systems, products binding
carcinogenic acetaldehyde into a harmless compound and monoclonal antibodies. The
entire product and service portfolio is reported under a single segment.
Revenue and EBIT
Revenue grew by 9.2% from 2023. Revenue from international operations was 98.5% (98.4%)
of total revenue. EBIT was EUR 2.6 million (EUR 1.8 million). Balance sheet, financing and operational continuity
On 31 December 2024 the balance sheet totalled EUR 15.5 million (EUR 12.9 million on 31
Dec 2023). At the end of the reporting period our equity ratio stood at 78.6% (73.0% 31 Dec 2023).
Profitable financial period increased the balance sheet.
Biohit Oyj has a stable financial position. On 31 December 2024, the company’s financial
assets totalled EUR 6.6 million (EUR 6.7 million) which does not include Genetic Analysis
AS shares.
The company has managed to keep its working capital on a good level and the manage-
ment 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 0.6 million during the review period and
EUR 2.1 million during the second half of the year. The company’s management assess-
ment is that the company’s ability to continue its operations is good and there are no indi-
cations of events or circumstances that alone or combined might give a significant reason
to doubt the organisation’s ability to continue its operations.
Consolidated revenue and operating profit
2024 2023
Revenue MEUR 14.3 13.1
Operating income MEUR 2.6 1.8
Bridge calculation of EBITDA
EUR million
1-12/2024 1-12/2023
Operating profit/loss 2.6 1.8
Depreciation and amortisation 0.3 0.4
EBITDA
2.9 2.2
Bridge calculation of operative EBITDA
EUR million
1-12/2024 1-12/2023
Operating profit/loss 2.6 1.8
Depreciation and amortisation 0.3 0.4
IFRS 2 Share based payments 0.1 0.2
Operative EBITDA
3.0 2.4
Alternative performance measures
25BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Investments
Gross investments during the 1-12/2024 reporting period totalled EUR 0.4 million
(EUR 0.2 million).
Personnel
During the review period, the Biohit Group employed on average 46 (44) people of whom
36 (35) were employed by the parent company and 10 (9) by the subsidiaries.
Short-term risks and uncertainty factors
Biohit’s key risks are related to the success of product registrations as well as the selec-
tion and development of new market areas and distribution channels.
The diagnostic industry is heavily regulated, and this may have an effect on Biohit’s sales.
The duration of the product registration process is different in each market area. For this
reason, conquering new markets may be slow.
It is also critical to implement the changes required by the new IVDR EU regulation so that
sales of the existing products can continue.
When investing liquid assets, the objective is to gain a return on investment with a low
risk of equity loss. The investment portfolio consists of deposits, investment funds and
corporate loans. A fundamental aspect in portfolio management is sufficient diversification
across different asset classes, investment instruments and counterparties. The invest-
ment portfolio is subject to equity risk that is managed by diversification and allocation
decisions. The portfolio is also subject to interest rate risk, which is managed by adjusting
the duration of the portfolio. In addition, general instability in the financial markets may
have a negative impact on the value of the investment portfolio.
The Group’s investment in listed Genetic Analysis AS is subject to changes in share price
and the EUR/NOK foreign exchange rate.
Biohit’s customer base is widely diversified, with the exception of GastroPanel
®
sales in
China, which currently represents a major single business for Biohit. Biohit HealthCare
(Hefei) Co. Ltd. has, based on a security agreement signed on 8 February 2022, pledged to
Biohit 1,500,000 class B Biohit shares as security for its obligations referred to therein. The
pledge significantly decreases the risks that are related to sales in China.
Single customer or geographical territory related risk may have a financial impact. How-
ever, Biohit’s customer base is widely diversified and thus the company is not significantly
dependent on individual customers or project deliveries.
The balance sheet and sales of Biohit’s UK subsidiary are in GBP. As a result, Biohit is
exposed to the risk of GBP weakening. Otherwise, most of the company’s business is con-
ducted in EUR and the indirect effects of the currency exchange rate fluctuations are con-
sidered insignificant.
Outlook for 2025
Biohit expects its revenue to grow to 15.7 – 17.1 million euros (10 – 20% growth from
previous year) and EBIT-% to be 10-20.
26BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Main events in the financial year
Turnover continued to grow profitably
Biohit’s revenue continued to grow reaching EUR 14.3 million (2023: EUR 13.1 million,
growth 9.2%). The profitability also improved. Operative EBITDA was EUR 3.0 million.
Growth from the previous year was EUR 0.6 million. EBIT rose to EUR 2.6 million from
EUR 1.8 million in 2023. Gross margin was 62.2% (61.6% in 2023).
Implementation of the strategy released at the end of 2023 proceeded as planned. Product
portfolio has widened by own innovations and collaboration with partners. Market widening
has been pushed forward for example by starting FDA process to get a selling license for
GastroPanel in the USA.
Biohit was granted funding for two R&D projects by the European Union and Business
Finland in 2021. The total amount of these grant fundings is EUR 0.9 million, of which EUR
0.1 million was deferred as revenue to the reporting period. Centre for Economic Develop-
ment, Transport and the Environment decided to grant Biohit Oyj EUR 0.2 million support
for corporate development. This support had no financial impact on the reporting period.
In 2022 the Italian subsidiary made EUR 0.3 reservation regarding the Italian state’s
demand of ex post compensation from suppliers of medical equipment for the budget over-
runs of the Italian administrative regions in the years 2015-2019. Like other operators in
the field, Biohit has denied the demands. Reservation decreased the 2022 revenues. The
matter is still under consideration. The provision has been written down with an impact of
EUR 0.0 million in 2024.
Biohit owns 2.88% of the listed Norwegian Genetic Analysis AS. Valuation of the shareholding
decreased by EUR 0.0 million to EUR 0.1 million in 2024.
Research and development as well as 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.
In 2024 EUR 0.3 million of development expenditure was capitalised (EUR 0.2 million).
Research and development expenditure during the 1-12/2024 reporting period amounted
to EUR 1.1 million (EUR 1.2 million) of which the second half-year accounted for EUR 0.6
million (first half-year EUR 0.5 million).
According to the strategy R&D works to widen product portfolio. Patented and IVDR
registered FAEX Sample System was launched after reporting period. Otherwise, R&D of
the new products proceeded as planned in 2024.
Like in 2023, IVDR and MDR related regulation compliance consumed extensive resources,
but this was provided for.
Financial reporting
Biohit Oyj publishes financial reviews twice per year. In 2025 Biohit will publish the half-year
financial report for period January - June 2025 (H1) at 9:30 am on Wednesday 6 August 2025.
Major events after the close of the review period
The company’s management is not aware of any other material events which have occurred
since the balance sheet date.
27BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Related party loans
The CEO of the group has been granted a market-based long-term loan of EUR 40 thou-
sand (EUR 20 thousand) and the management team EUR 98 thousand (EUR 97 thou-
sand). The loan interest rate is 12-month Euribor. Interest is paid annually in arrears.
The loan period is five years. The borrower is entitled to pay back the loan early.
Government
Annual General Meeting in 2024
AGM decided on 5 June, 2024, as suggested by the Board of Directors, that no dividend will
be paid for financial year 2023.
The AGM resolved that five (5) members are elected to the Board of Directors and that CEO
Liu Feng, CEO Kalle Härkönen, PhD Lea Paloheimo, LL.D, Lic (BA) Vesa Silaskivi and pro-
fessor h.c., MD, PhD Osmo Suovaniemi are elected as members of the Board of Directors
until the end of the next AGM.
AGM decided to choose PricewaterhouseCoopers as the audit firm.
Biohit Oyj’s Management Team
The members of Biohit’s Management Team are: CEO Jussi Hahtela, CFO Jussi Sorvo,
Production Director Suvi Elomaa, Research and Development Director Panu Hendolin, Head
of Global Sales and Marketing Graham Johnson and Quality and Regulatory Affairs Director
Daniela Söderström.
Shares and shareholders
Trading and share price development
Biohit Oyj’s number of shares is 15,181,593 (15,113,593), of which 2,975,500 (2,975,500) are
Series A shares and 12,206,093 (12,138,093) 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 1-12/2024 1-12/2023
High (EUR) 2,65 2,22
Low (EUR)
1,80 1,57
Average (EUR)
2,11 1,93
Latest (EUR)
2,29 1,89
Turnover (EUR) 5,837,490 5,163,409
Turnover volume 2,767,265 2,680,632
Shareholders
At the end of the reporting period on 31 December 2024 the company had 8,270 share-
holders (7,923 on 31 December 2023). Private households held 60.1% (60.3%), companies
5.5% (5.3%) and public sector organisations 0.0% (0.0%). Foreign ownership or nominee
registrations accounted for 34.4% (34.5%) of shares.
Further information on the shares, major shareholders and management shareholdings is
available on the company’s website: https://investors.biohithealthcare.com/en/.
28BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Board´s proposal for distributions of profits
The parent company’s distributable funds (unrestricted equity) on 31 December 2024 are EUR 8,222,057.08 of which the
period net profit is EUR 2,406,631.87. The Board of Directors proposes to the Annual General Meeting that no dividend be
paid for the fiscal year.
AGM in 2025
Biohit Oyj’s Annual General Meeting has been planned for Wednesday 4 June 2025.
The Board of Directors will call the General Meeting later.
Corporate Governance Statement
Biohit Oyj will release a separate Corporate Government Statement at:
https://investors.biohithealthcare.com/en/investors/corporate_governance.
Helsinki 11 February, 2025
Biohit Oyj
Board of Directors
29BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
2. Consolidated Financial Statements
€ 1,000 Note 1 Jan - 31 Dec 2024 1 Jan - 31 Dec 2023
Revenue 2.3 14,283 13,076
Change in inventories of finished and unfinished products 230 90
Other operating income 2.5 79 279
Materials and services 2.6 -5,174 -4,702
Expenses arising from employment benefits 2.7 -4,000 -4,086
Other operating expenses 2.8 -2,520 -2,468
EBITDA 2,898 2,188
Depreciation and amortization 2.10 -341 -364
Operating profit/loss 2,557 1,825
Financial income 2.11 633 530
Financial expenses 2.11 -322 -159
Profit/loss before taxes 2,868 2,195
Income taxes 2.12 -299 -344
Profit/loss for the financial period 2,568 1,851
Other items of comprehensive income
Items that may later be reclassified through profit and loss
Translation differences 47 12
Items that will not be reclassified through profit and loss
Changes in the fair value of equity instruments measured at fair value through other comprehensive income -46 -173
Total comprehensive income for the period 2,570 1,691
Distribution of profit/loss for the financial period
To the owners of the parent company
2,568
1,851
Total
2,568
1,851
Distribution of comprehensive income for the financial period
To the owners of the parent company
2,570 1,691
Total
2,570 1,691
Earnings per share calculated from earnings attributable to the owners of the parent company
Undiluted earnings per share (EUR)
2.13 0.17 0.12
Diluted earnings per share (EUR)
2.13 0.17 0.12
Consolidated comprehensive income statement
30BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
€ 1,000 Note 31 Dec 2024 31 Dec 2023
Assets
Non-current assets
Intangible assets 2.14 492 183
Property, plant and equipment 2.15 171 140
Right-of-use assets 2.15, 2.16 531 626
Contract assets 2.17, 2.21 3,200 -
Other non-current financial assets 2.17 139 118
Deferred tax assets 2.19 18 20
Total non-current assets 4,551 1,087
Current assets
Inventories 2.20 1,029 890
Trade and other receivables 2.17, 2.21 3,213 4,129
Other current financial assets 2.17 2,964 3,543
Cash and cash equivalents 2.17, 2.18 3,745 3,271
Total current assets 10,952 11,833
Total assets 15,502 12,920
Consolidated balance sheet
€ 1,000 Note 31 Dec 2024 31 Dec 2023
Shareholder’s equity and liabilities
Shareholders' equity
Share capital 2.22 2,350 2,350
Fair value reserve 2.22, 2.23 -1,919 -1,873
Invested unrestricted equity fund 2.22, 2.23 5,274 5,206
Translation differences -48 -95
Retained earnings 6,534 3,837
Shareholders' equity attributable to shareholders of the parent company 12,191 9,426
Total shareholders’ equity 12,191 9,426
Long-term liabilities
Lease liabilities 2.16, 2.18, 2.24 284 427
Deferred tax liabilities 2.19, 2.25 2 2
Other liabilities 2.18, 2.25 6 7
Total long-term liabilities 293 436
Short-term liabilities
Trade payables
2.17, 2.25 679 465
Tax liabilities
2.17, 2.25 424 371
Lease liabilities
2.16, 2.18, 2.24 303 275
Accruals and other liabilities
2.25 1,612 1,947
Total short-term liabilities 3,018 3,059
Total shareholders' equity and liabilities 15,502 12,920
31BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Statement of changes in consolidated shareholders´ equity
Shareholders' equity attributable to shareholders of the parent company
€ 1,000
Share capital Invested
unrestricted
equity fund
Translation
differences
Fair value
reserve
Retained
earnings
Total
shareholders'
equity
Shareholders’ equity 1 January 2024 2,350 5,206 -95 -1,873 3,837 9,426
Share-based payments
- - - -
127 127
Exercise of share options - 68
- -
- 68
Adjustments of translation differences - -
- -
1 1
Total comprehensive income for the period - - 47 -46 2,568 2,570
Shareholders’ equity 31 December 2024 2,350 5,274 -48 -1,919 6,534 12,191
Shareholders' equity attributable to shareholders of the parent company
€ 1,000
Share capital Invested
unrestricted
equity fund
Translation
differences
Fair value
reserve
Retained
earnings
Total
shareholders'
equity
Shareholders' equity 1 January 2023 2,350 5,138 -107 -1,701 1,777 7,458
Share-based payments - - - -
209 209
Exercise of share options - 68 - - - 68
Adjustments of translation differences - - - - 0 0
Total comprehensive income for the period - -
12 -173 1,851 1,691
Shareholders' equity 31 December 2023
2,350 5,206 -95 -1,873 3 837 9,426
32BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Consolidated cash flow statement
€ 1,000
Note 2024 2023
Cash flow from operating activities
Profit/loss for the financial period 2,568 1,851
Adjustments to profit for the financial period
Business activities with no payment transactions 99 224
Depreciation and impairment 2.10 341 364
Unrealised exchange rate gains and losses -2 2
Financial income and expenses -311 -371
Income taxes 2.12 299 344
Total adjustments to income for the financial period 426 563
Change in working capital
Increase (-)/ decrease (+) in short-term interest-free trade receivables -2,254 -1,392
Increase (-)/ decrease (+) in inventories -130 34
Increase (-)/ decrease (+) in short-term interest-free liabilities -150 -16
Total change in working capital -2,534 -1,375
Interest paid -35 -361
Interest received 377 355
Realised exchange rate gains and losses 28 28
Income tax paid -245 -160
Net cash flow from operating activities 586 902
€ 1,000
Note 2024 2023
Cash flow from investments
Investments in tangible and intangible assets -402 -248
Investments in funds and deposits * -1,017 -2,826
Profit from the sale of investments in funds and deposits 1,520 2,425
Loans granted -21 -60
Net cash flow from investments 80 -710
Cash flow from financial activities
Repayment of lease liabilities -298 -267
Exercise of share options 68 68
Net cash flow from financial activities -230 -199
Change in financial assets 435 -6
Cash and cash equivalents at the beginning of the period *
3,271 3,268
Effects of changes in exchange rates
38 10
Cash and cash equivalents at the end of the period 3,745 3,271
* The presentation method of one bank account has been changed from the previous year in the balance sheet and in the consolidated cash flow statement. The bank account was previously presented in “Other current financial assets” and its cash
flow in cash flow from investments. The bank account has been reclassified to “Cash and cash equivalents” based on a more detailed analysis. Comparison period figures have been updated to be equivalent to the reclassification in both consolidated
balance sheet and cash flow statement. Bank account balance and the adjusted sum at the end of the reporting period was 86 thousand EUR (31 December 2023: 245 thousand EUR and 1 January 2023: 1,146 thousand EUR). Year 2023 restated net
cash flow from investments was 902 thousand EUR lower.
33BIOHIT Healthcare Annual Report 2024
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2.1 Basic information on the company
Biohit Oyj is a Finnish public limited company that manufactures that bind acetaldehyde,
diagnostic products and systems for diagnostic analysis for the use of research institutions,
healthcare and industry. The parent company’s domicile is Helsinki, Finland.
A copy of the consolidated financial statements is available on the website,
www.biohithealthcare.com, and at the headquarters of the Group’s parent company
at Laippatie 1, Helsinki, Finland.
Biohit Oyj’s Board of Directors approved the financial statements for publication on February
12th 2025. In accordance with the Finnish Limited Liability Companies Act, shareholders have
the opportunity to approve or reject the financial statements at the Annual General Meeting,
which is to be held after the financial statements have been published. At the Annual General
Meeting, it is also possible for a decision to be made to alter the financial statements.
2.2 Accounting principles
Accounting principles
These financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS) endorsed by the European Union. The IAS and IFRS
standards that were valid on 31 December 2024 have been followed, as well as SIC and
IFRIC interpretations. The IFRS refer to standards and interpretations thereof approved
for application in the EU in compliance with the proceedings stipulated in Regulation (EC)
1606/2002, as referred to in the Finnish Accounting Act and subsequent regulations. The
notes to the consolidated financial statements also comply with Finnish accounting and
corporate legislation.
The consolidated financial statements have been prepared in compliance with the principle
of operational continuity. Despite its loss-making financial periods, the company has
succeeded in keeping its working capital at a good level and the company believes that it
is sufficient to cover the next 12 months of operations. The company is not dependent on
external financing to guarantee operational continuity. In the assessment of the company’s
senior management, the company’s capacity to continue operating is good, and there are
no foreseeable events or conditions that could occur individually or in combination to give
major cause to doubt the company’s ability to continue operating.
The consolidated financial statements have been prepared on the basis of acquisition cost
with the exception of equity investments recognised at fair value through other compre-
hensive income and financial assets and liabilities recognised at fair value through profit
or loss. The financial statements are presented in thousands of euros. The figures presented
in the financial statements are rounded from precise figures, so the combined total of indi-
vidual figures may differ from the total sum presented. Indicators have been calculated
using precise values.
The preparation of IFRS-compliant financial statements requires the Group management
to make certain estimations and judgments when applying the Group’s accounting policies.
Information on judgements that the management has made when applying the Group’s
accounting principles and that have the most significant effect on the figures presented in
the financial statements are presented under “Accounting policies calling for judgements
by the management and key sources of estimation uncertainty”.
Notes to the Concolidated Financial Statements
34BIOHIT Healthcare Annual Report 2024
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Presentation method
The Group’s income statement is presented as a single calculation in which the share of the
income accounted for by the Group’s ongoing operations is presented first and income due
to discontinued operations is then presented on a single line. In the 2023 and 2024 financial
periods Biohit had no discontinued operation to present.
Consolidation principles
The consolidated financial statements include the parent company, Biohit Oyj, and all its
subsidiaries. Subsidiaries are companies over which the Group exercises control. The
Group has a controlling interest in a company if, by being involved in the company, it is
exposed to fluctuating returns or is entitled to such fluctuating returns and it is able to
influence these returns by exercising its control over the company.
Mutual shareholdings of Group companies have been eliminated using the acquisition cost
model. Acquisition costs include transferred assets at fair value, generated or assumed
liabilities and equity-based instruments that are issued. Acquired subsidiaries are consolidated
from the moment that the Group gains control over them and divested subsidiaries are
consolidated until this control ends. All internal Group business transactions, receivables,
liabilities, unrealised profits and internal profit distribution are eliminated when preparing
the consolidated financial statements. Unrealised losses are not eliminated if the loss
results from impairment. The distribution of profits for the financial period to the parent
company’s owners and minority interest-holders is presented in the income statement,
and the minority interest-holders’ share of equity is presented as a separate item in the
balance sheet under equity. The minority interest-holders’ share of accumulated losses is
recognised in the consolidated financial statements up to the amount of the investment.
The Group has no associated companies or minority shareholders.
Subsidiaries
Subsidiaries are consolidated into the financial statements from the moment that the
Group gains control over them until this control ends. The consolidated financial state-
ments have been prepared using the acquisition-cost method. The Group’s share of assets,
liabilities and contingent liabilities on the date of acquisition is recognised at fair value
and the amount in excess of the fair-value acquisition cost is recognised as goodwill. If
the acquisition cost of a subsidiary is less than the value of the net assets on the date of
acquisition, the difference is recognised in the income statement. Internal Group business
transactions, receivables, liabilities and unrealised profits from internal sales are eliminated
in the consolidated financial statements. Unrealised losses are also eliminated unless an
internal business transaction demonstrates that an asset has become impaired. The share
of a subsidiary owned by minority interest-holders is presented in the consolidated balance
sheet under equity, separately from shareholders’ equity. The accounting principles applied
by subsidiaries have been adapted to correspond to the Group’s principles. On 31 December
2024 the company had no goodwill on its balance sheet.
Translating items denominated in foreign currencies
The profit and financial position of the Group’s units are measured in the currency of the
main operating region of the unit in question. The consolidated financial statements are
presented in euro, which is the functional and presentation currency of the Group’s
parent company.
Foreign currency business transactions are recorded in the functional currency at the
exchange rate on the date of transaction. Monetary receivables and liabilities are translated
at the exchange rate on the closing date of the financial period. Non-monetary foreign
currency items have been translated into the functional currency at the exchange rates on
the transaction date. Any exchange differences arising from translation are recognised in
the income statement. Any exchange differences arising from the translation of accounts
35BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Business segments
Biohit’s product portfolio consists of diagnostic tests, analysis systems, products that
bind carcinogenic acetaldehyde into harmless compounds and monoclonal antibodies.
The company classifies its entire product and service portfolio into one segment.
Segment information is provided to the most senior operative decision-making body as part
of internal reporting in a consistent manner. The reports that the most senior decision-making
body monitors do not differ substantially from the reports presented in the group’s income
statement and balance sheet. The Group’s Management Team is the most senior operative
decision-making body. It is responsible for allocating resources to business segments.
Revenue recognition
The Group applies IFRS 15 Revenue from contracts with customers. The new standard
establishes a five-step model for recognizing revenue from contracts with customers.
Revenue is recognised on a gross basis, as Biohit acts as a principal towards customers.
The transaction price is estimated separately for each contract at the amount of consideration
that Biohit is expected to be entitled to in exchange of the goods or services transferred.
The determination of the transaction price is normally straightforward, as Biohit’s con-
tracts include no variable consideration such as retrospective discounts. Biohit applies the
practical expedient and therefore does not recognise a significant financing component,
i.e. does not adjust the promised consideration for time value of money when the time
between the delivery of the promised good or service to the customer and the payment by the
customer is less than one year.
Revenue for each good or royalty from license-based business is recognised as a distinct
performance obligation, as those are separately identifiable and Biohit’s customers can
benefit from them individually. Revenue from goods sold is recognised at a point of time
when control over them is transferred to the customer in accordance with the commercial
terms of delivery, i.e. when the goods leave the warehouse in accordance with “ex-works”.
Biohit also has licensing agreement, in which Biohit fulfills the performance obligation at
one point in time. In that case, the sales revenue is recorded in full when the license is
granted to the customer. The consideration is then variable up to the extent that it is highly
probable that a significant reversal in the amount of cumulative revenue recognised will
not occur when the uncertainty is subsequently resolved. Biohit values the variable con-
sideration as an expected value that corresponds to the sum of the amounts weighted by
probabilities. The variable amount of money is based on the management’s estimate of the
annual payments that Biohit will likely receive.
Biohit has a contractual obligation to withdraw defective goods from the market and
replace them with new products without a separate compensation. Costs relating to the
withdrawal are accounted for in accordance with IAS 37 Provisions, contingent liabilities
and contingent assets. The amount of costs relating to goods withdrawn has not been
material in Biohit’s business.
Biohit recognises a contract asset when the right to a consideration is not unconditional. The
receivable and accounts payable within the Group are recognised as financial items, also
corresponding external items are treated as financial items. The income statements of
foreign subsidiaries have been translated into euro at the average exchange rate for the
financial period and the balance sheets have been translated at the exchange rate on the
closing date of the financial period. The exchange difference resulting from translating
income statement items using the average exchange rate and balance sheet items at the
exchange rate on the closing date of the financial period has been recognised as a separate
item under translation differences in equity. Exchange differences from monetary items
calculated as net investments made in foreign subsidiaries are recognised as translation
differences.
36BIOHIT Healthcare Annual Report 2024
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Property, plant and equipment
Property, plant and equipment are recognised at original acquisition cost, less accumulated
depreciation and impairments. Acquisition cost includes the direct costs arising from
acquisition. Costs that arise subsequently are included in the book value of the asset or
recognised as separate assets only if it is likely that the future financial benefit associated
with the asset will benefit the Group and the acquisition cost of the asset can be reliably
determined. Other repair and maintenance costs are recognised through profit or loss in
the period during which they have materialised.
Straight-line depreciation is applied to assets according to the estimated useful life.
No depreciation is made on land. The estimated useful lives are as follows:
Machinery and equipment: 3–10 years
The residual value and the useful life of assets are checked in every financial statement
and, if necessary, adjusted to represent changes that have occurred in the expectations
of financial benefit. Sales gains and losses accumulated from the disposal or transfer of
tangible fixed assets are included in other operating income or expenses.
asset is recognised within sales receivables when the right to a consideration is uncon-
ditional, i.e. when only passage of time is required before payment of the consideration is
due. A contract liability is recognised for payments received from customers for which no
goods or services have yet been delivered by Biohit.
Biohit has not incurred any significant costs to obtain the contracts, such as sales commis-
sions. Biohit applies a practical expedient and recognises the incremental costs of obtaining
a contract as an expense as incurred, if the amortisation period for the related asset would
be one year or less.
Biohit applies the practical expedient and does not disclose information about partly or
completely unsatisfied performance obligations that relate to contracts with a duration
one year or less. Biohit’s contracts with a duration of more than one year consist of distri-
bution agreements that are framework contracts by nature and do not meet the criteria in
IFRS 15 for the existence of a contract without specific purchase orders for quantities to be
delivered. In this case, future sales relating to distribution agreements are not accounted
for as unsatisfied performance obligations, and no transaction price is allocated to them.
Public grants
Public grants are recognized according to the IAS20-standard. Public grants are recog-
nized as fair value when it reasonably certain that they will be granted and that the company
fulfils the requirements for them. Public grants are accrued and recognised in the profit
and loss statement for the financial period in which the right to receive the grant is fulfilled
based on actual costs. Product development grants e.g., Business Finland, are recognizes
as Other operating income. Cost support e.g. The State Treasury’s business cost support is
recognized as Other operating costs deductibles.
Estimates made relating to revenue recognition
Biohit uses management’s estimate when recognizing sales revenue from customer con-
tracts that include a variable amount of money. The variable amount of money is based
on the management’s estimate of the annual payments that Biohit will likely receive. The
management uses the customer’s previous payment behavior as the basis for the estimate.
37BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Intangible assets
Research and development expenses
Research expenditure is recognised as an expense in the income statement. Develop-
ment costs are capitalised on the balance sheet in accordance with IAS38 when Biohit
can demonstrate that the development of the product is considered to meet the following
criteria: 1) The product is considered to bring financial benefit beyond its useful life, 2)
The product has already been developed, and Biohit intends to sell the product beyond its
useful life, 3) The intangible asset will produce a probable economic benefit, 4) Biohit has
adequate and available resources to complete the asset, 5) Biohit is able to determine the
costs incurred during the development phase of the asset. Development expenditure that
has previously been recognized as an expense cannot be capitalised at a later date. Depre-
ciation is booked for an asset from the time it is ready for use. In 2024, the costs related to
six development projects have been capitalised.
Other intangible assets
Intangible assets are only entered in the balance sheet if the acquisition cost of the asset
can be reliably determined and if it is likely that the expected financial benefit from the
asset will benefit the company. Other intangible assets with a limited useful life are entered
in the balance sheet at original acquisition cost, and costs are booked in the income state-
ment based on straight-line depreciation over the course of the known or estimated useful
life of the asset. The Group has no intangible assets with indefinite useful lives.
The depreciation periods are as follows:
Patents: 4–10 years
IT software: 3 years
Other intangible assets: 5–10 years
Leases
Biohit Group applies the IFRS 16 Leases standard. According to IFRS 16, almost all leases
are recognised on the balance sheet by lessee as the distinction between operating and
finance leases is removed.
Under the new standard, lessee recognises a right-of-use asset (the right to use the leased
item) and a lease liability to pay rentals. The standard includes optional recognition exemp-
tions for short-term leases (12 months or less) and leases for which the underlying asset
is of low value. Biohit has decided to apply the optional exemptions and recognises these
expenses as straight-line basis over the period of the lease.
According to IFRS 16 standard, the lessee’s lease period is the period during which the
lease cannot be terminated. Also, a potential extension or termination option should be
considered, if the use of such option is estimated to be reasonably certain. The lease term
for ongoing contracts is based on estimate by Biohit’s management. Management regularly
estimates the length of those leases.
The lessee should value the lease agreement by discounting the future lease payments
to the present value at the inception of the contract. The internal interest rate implicit
in the lease is not easily available which is why the future minimum lease payments are
discounted using Biohit’s incremental borrowing rate. According to the standard, the incre-
mental borrowing rate is defined as the interest that the lessee would have to pay when
borrowing for a similar term and with similar security to obtain an asset of an equivalent
value to the right-of-use asset in similar economic environment. Biohit has determined the
incremental borrowing rate for leases based on the debt based financing offers received
from the 3rd party. Biohit has applied a single discount rate to a portfolio of leases with
similar characteristics.
38BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
overheads and fixed overheads at a normal level of operations. The net realisable value is
the estimated selling price in the ordinary course of business, less the estimated costs for
completing the product and costs related to sales
Pension obligations
In Group companies, pension cover is arranged in accordance with the pension legislation
and practices of the country in question. The pension arrangements are defined-contribution
plans. The payments related to defined-contribution pension plans are recognised as costs in
the financial period in which they arise.
Share-based payments
In the future the Group might have incentive plans where payments are made in the form
of equity instruments. The benefits granted under the plans are recognised at fair value
on the date on which they were granted and entered as costs evenly throughout the period
during which they were earned. The effect of the plans on profit or loss is presented under
costs of employee benefits.
The cost determined on the date on which the options were granted is based on the
Group’s estimate of the number of options for which rights are presumed to arise at the
end of the incentive-earning period. The Group updates the presumption of the final number
of options on the final day of every reporting period. Changes in estimates are treated
through profit or loss. The fair value of option plans is defined on the basis of the Black-
Scholes option pricing model. Terms that are not market-based, such as profitability and
specific growth targets, are not taken into consideration when determining the fair value
of options. Instead, they affect the estimate of the final number of options.
Impairments of tangible and intangible assets
On the closing day of each financial period, the Group assesses whether there are indi-
cations of impairment in the value of a particular asset. If there are such indications, the
recoverable amount from the said asset is estimated. Additionally, the recoverable amount
is estimated annually for goodwill, regardless of whether there is any indication of impair-
ment. The need for impairment is reviewed at the level of cash-generating units, that is,
the lowest unit level that is largely independent of other units, and whose cash flow can be
separated from other cash flows. The discount rate used is the interest rate that is deter-
mined before taxes and that describes the market’s view of the time value of money and
the risks incorporated in the tested asset.
The recoverable amount is the asset’s fair value, less costs arising from transfer or a
higher utility value. Value in use is the estimated future net cash flow from the asset or
cash-generating unit, which is discounted to its present value. Impairment loss is recog-
nised if the book value of the asset is higher than the recoverable amount. Impairment loss
is recognised immediately in the income statement. If the impairment loss is allocated to
a cash-generating unit, it is first allocated to reduce the goodwill of the cash-generating
unit and then to reduce the other assets of the unit pro rata. The impairment loss is can-
celled if there is a change in the conditions and the recoverable amount from the asset has
changed since the impairment loss was booked. However, the impairment loss may not be
reversed in excess of what the asset’s book value would be without the recognition of the
impairment loss. Impairment losses recognised for goodwill are never reversed.
Inventories
Inventories are measured at acquisition cost or net realisable value, whichever is lower.
The acquisition cost is determined using the weighted average price method. The acqui-
sition cost for finished and unfinished products consists of raw materials, direct labour
costs, other direct costs, and the appropriate share of manufacturing-related variable
39BIOHIT Healthcare Annual Report 2024
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Deferred tax is calculated using the tax rates enacted by the balance sheet date. Deferred
tax assets are recognised to the amount for which it is likely that taxable profit will be
generated in the future against which the temporary difference can be utilised.
Financial Assets
Group’s financial assets are classified in the following measurement categories: amortized
cost, fair value through other comprehensive income and fair value through profit or loss.
The classification depends on used business model for managing the financial assets and
the contractual terms of the cash flows. Assets are classified as current assets, except for
maturities over 12 months after balance sheet date, which are classified as non-current
assets. Purchases and sales of financial assets are recognised on the settlement date.
Financial assets are derecognised when the rights to receive cash flows from the invest-
ments have expired or have been transferred and the Group has transferred substantially
all risks and rewards of ownership.
Amortised cost category consists of cash and cash equivalents, trade receivables and
loan receivables where the business model is to hold the asset to collect the contractual
cash flows. Financial assets recognised at amortized cost are valued using the effective
interest method.
Assets at fair value through profit or loss consist of interest or equity funds or invest-
ments into listed bonds. All gains or losses of fair value changes investments in the cate-
gory is included in financial income and expenses.
Assets at fair value fair value through other comprehensive income consist of equity
investments to unlisted Genetic Analysis AS shares. Dividends from equity investments
are recognised at profit and loss statement. Genetic Analysis AS was listed on the Swedish
Spotlight Stock Market on October 1, 2021. Despite the Swedish trading location, Genetic
Analysis AS’s share price is quoted in Norwegian kroner.
Provisions
A provision is entered when the Group has, due to a past event, a legal or factual obliga-
tion, and the obligation is likely to materialise and the sum of the obligation can be reliably
estimated. The amount to be recognised as a provision corresponds to the best estimate of
the costs required to meet existing obligations on the closing date of the financial period.
If the time value of money has a material impact, the amount of the provision is recognised
as the present value of anticipated expenses.
Taxes based on taxable income for the period and deferred taxes
The tax expense in the income statement consists of the current tax expense and deferred
tax. The amount of tax based on the taxable profit for the period is calculated from the
taxable profit based on the applicable tax rate in each country. The tax is adjusted by
possible taxes related to previous periods. Deferred taxes are calculated from all tempo-
rary differences between the book value and tax base. The biggest temporary differences
arise from the depreciation of property, plant and equipment, deferred tax assets and
internal margins on inventory.
No deferred tax is recognised for non-deductible goodwill impairment or for the undis-
tributed profits of subsidiaries if the temporary difference is not likely to dissolve in the
foreseeable future.
When option rights are exercised, the assets obtained from share subscriptions are entered
into the invested unrestricted equity fund in accordance with the terms of the plan.
40BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Concept of operating profit and loss
IAS 1 Presentation of Financial Statements does not define the concept of operating profit. The
Group has defined it as follows: operating profit or loss is a net total that can be calculated
by adding other operating income to net sales, subtracting purchase expenses adjusted by
the change in the stock of finished and unfinished products as well as expenses caused by
production for own use, subtracting expenses from employee benefits, depreciation and
potential impairment losses, as well as other operating expenses. All other items, including
discontinued operations, are presented beneath operating profit or loss. Exchange differences
and changes in the fair value of derivatives are included in operating profit or loss pro-
viding they arise from business-related items. Otherwise, they are recognised as financial
items. Exchange differences related to the Group’s internal receivables and liabilities are
recognised as financial items.
Accounting policies calling for judgements by the management
and key sources of estimation uncertainty
When preparing the financial statements, the management must make assessments and
assumptions concerning the future, and the outcome may deviate considerably from the
original assessments and assumptions. In addition, discretion must be used in applying
the accounting policies. Although the estimates are based on the most recent information
available, the realised values may differ from these estimates. The most important areas
in which estimates, and discretion are used are described below.
Revenue recognition of license agreements
If the consideration of the license agreements includes a variable amount of money, Biohit
values the amount of money as an expected value, which corresponds to the sum of the
amounts of money weighted by probabilities. The variable amount of money is based on the
management’s estimate of the annual payments that Biohit will likely receive.
Financial Liabilities
Group’s financial liabilities are classified as amortized cost and measured at fair value net
of transaction cost at settlement date. Financial liabilities are subsequently measured at
amortized cost using the effective interest method. Financial liabilities at amortized cost
consist of loans from financial institutions. Financial liabilities are included in non-current
liabilities, except for items with maturities less than 12 months after the balance sheet
date, which are included in current liabilities. A financial liability is derecognised when
the related obligation is discharged, cancelled or expires. The group does not have any
derivative liabilities. Currently, financial liabilities consist of accounts payable.
Impairment
The credit loss is recognised based on individual assessment of receivable. The simplified
expected credit loss model is applied for trade receivables. The impairment process is
based on historical credit loss experience combined with current conditions and forward
looking macroeconomic analysis. Realised loss levels are adjusted based on history, so
that they represent the current and future information and macroeconomic factors, that
influence the customers ability to make the payments for receivables. Financial items
based on trade receivables and contracts are recognised off the balance sheet as final
credit loss., when it is not plausible to expect to receive payment e.g. in the process
of bankruptcy.
The impairment or credit loss is recognised in the consolidated statement of income within
other expenses.
Maturity analyses for trade receivables, movement in allowance account and general pro-
visioning matrix is presented at note 2.26 under Credit and counterparty risk. The Other
financial assets at amortized cost consist of cash at banks.
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Measurement of assets at fair value fair value through
other comprehensive income where senior managers’
judgement is required
After being listed on 1 October 2021 the Genetic Analysis AS share price is based on the
stock quote, and as follows does not require the senior managers’ judgement anymore.
Before being listed, the input data for the valuation of Genetic Analysis AS consisted of
transactions involving the company’s shares on market terms between third parties. If
there were no third-party transactions the assessment was based on the discounted cash-
flow model based on the budgets by the management of Genetic Analysis AS.
Application of new or amended IFRS standards
and IFRIC interpretations
Biohit will begin applying new or amended IFRS standards and interpretations as of the date
on which they enter into force or when they are approved for adoption in the EU. The consolidated
financial statements were prepared in compliance with the same principles used in 2023.
No significant new standards or interpretations were introduced in 2024. Biohit has not
prematurely applied such new or changed standards or interpretations that have been
published but have not come into force. Biohit will start applying the standard IFRS 18
in the financial period starting on January 1, 2027 and retroactively in comparative data.
Biohit has not yet started analyzing the effects of the standard.
Impairment testing
The Group conducts impairment tests as required on intangible assets. It also assesses
any indication of impairment in accordance with the aforementioned accounting policies.
The recoverable amounts of cash-generating units are measured on the basis of value-in-
use calculations. Preparing these calculations requires the use of estimates.
Deferred tax assets
Deferred tax assets for unused tax losses and temporary differences in regard to recognised
deferred tax assets are estimated by the Group at least once per year to determine the like-
lihood of the company in question generating sufficient taxable income before the unused
tax losses expire.
Other liabilities
Biohit uses judgement when evaluating the size of the expense provision for the subsidiary
Biohit Healthcare S.r.l. The expense provision is based on the compensation demanded by
the Italian state from suppliers of medical equipment for the budget overruns of the Italian
administrative regions in 2015-19. There is uncertainty about the size of the actual cost
effect, but since the counterparty is the Italian state, the provision has been recorded in
full under other liabilities and to reduce turnover.
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2.3 Revenue and segment information
The company’s product portfolio consists of diagnostic tests, products that bind acetalde-
hyde and monoclonal antibodies. The company classifies its entire product portfolio into
one segment.
In licencing agreements, Biohit transfers licensed immaterial rights to a customer, and the
customer both produces and sells the products. Licencing agreements cover both diagnostic
products and Acetium products.
Biohit also has contracts that include both a distribution agreement and a licensing agree-
ment. In this case, Biohit sells to the customer finished products and raw materials needed
for production and, in addition, receives a royalty fee based on the sale of the product.
Revenue from the sale of finished products, raw materials and royalty income from licences
are recognised as separate performance obligations. In the case of the licensing agree-
ment, Biohit fulfills the performance obligation at one point in time. In that case, the sales
revenue is recorded in full when the licence is granted to the customer. The consideration
is then variable up to the extent that it is highly probable that a significant reversal in
the amount of cumulative revenue recognised will not occur when the uncertainty is sub-
sequently resolved. Biohit values the variable consideration as an expected value that
corresponds to the sum of the amounts weighted by probabilities. The variable amount
of money is based on the management’s estimate of the annual payments that Biohit will
likely receive.
Sales to one of the most important customers is presented in note 2.27
(Related party transactions).
Revenue by Market Area
€ 1,000 2024 2023
Finland 207 211
Europe, Other 5,743 5,700
North and South America 300 324
Asia 5,173 4,565
Other Countries 2,860 2,276
Revenue from contracts with customers total 14,283 13,076
The majority of Biohit’s revenue is generated from distributor agreements for diagnostic
products. Biohit’s customers, i.e. the distributors, buy and resell the products. Biohit has
no post-sales rights or obligations relating to the control over the products, except for a
right of return relating to some distribution agreements. The goods that are sold include
several various tests for diagnostics of diseases in the gastrointestinal tract, such as celiac
quick test, lactose intolerance test, Vitamin D test, GastroPanel
®
test for the first-line diag-
nosis of dyspepsia measured on simple blood test. Furthermore, the product portfolio
includes Acetium
®
lozenge and Acetium
®
capsule, which are acetaldehyde-binding products
sold under the trademark Acetium.
Contract assets and liabilities:
Biohit recognises revenue at a point of time when goods are delivered. The payment terms
in Biohit’s contracts with customers vary from a payment to be made one month in advance
to payment in 60 days.
43BIOHIT Healthcare Annual Report 2024
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€ 1,000 31 Dec 2024 31 Dec 2023Contract Assets 4,200 2,400Trade receivables 1,724 1,257Contract assets and receivables total 5,924 3,657
€ 1,000 31 Dec 2024 31 Dec 2023Contract liabilities 1 4Contract liabilities total 1 4
The items included in contract liabilities at the beginning of the period have been
recognised as revenue during the financial year.
2.6 Materials and services
€ 1,000 2024 2023Materials, supplies and goods 3,521 3,137External manufacturing services 1,652 1,565Total 5,174 4,702
2.7 Expenses arising from employment benefits
€ 1,000 2024 2023Salaries 3,512 3,266Pension expenses – defined-contribution plans 522 515Options and share bonuses realised and paid in shares 127 209Other personnel expenses 94 96Salaries capitalised to non-current assets -256 -87Total 4,000 4,086
2.4 Acquired businesses
No new businesses were acquired in the 2024 and 2023 financial periods.
2.5 Other operating income
€ 1,000 2024 2023Grants 78 277Others 1 2Total 79 279
A contract liability is recognised for payments received where the goods have not yet
been delivered. This is the case, among others, with countries outside Europe, where as a
result of a higher credit risk relating to customers, an advance payment is received, on the
average, one month before the delivery of the goods. The timing difference between the
receipt of the advance payment by Biohit and the delivery of the products does not exceed
one year.
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2.10 Depreciation and impairment
€ 1,000 2024 2023Intangible assets 13 37Right-of-use assets 279 256Plant and equipment49 70Total 341 364
Average number of Group employees in the financial period
2024 2023Group total 46 44
Details of the employment benefits enjoyed by senior managers are presented in note
2.27 (Related-party transactions).
2.8 Other operating expenses
€ 1,000 2024 2023Travel expenses and other personnel expenses 348 262Rents and maintenance expenses 138 122Sales and marketing expenses552 544Other external services 1,261 1,244Other operating expenses 221 297Total 2,520 2,468
Other operating expenses include research and development expenses of
EUR 496 thousand (EUR 535 thousand).
2.9 Auditor´s fees
€ 1,000 2024 2023Companies belonging to the PricewaterhouseCoopers chainAuditors' fees 166 124Assignments according Auditing Act 1.1,2 § 20 3Tax service - -Other services10 -Total fees paid to the auditor 196 127
45BIOHIT Healthcare Annual Report 2024
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Reconciliation of tax expenses on the income statement€ 1,0002024 2023Profit before taxes 2,868 2,195Consolidated income taxes at Group's domestic tax rate (20%) -574 -439Impact of different tax rates of foreign subsidiaries -6 -26Non-deductible expenses -137 -10Tax-exempt income 50 78Non-creditable withholding taxes -265 -208Effect of deferred tax assets not recognised 632 266Other items - -6Taxes on the income statement -299 -344
The group has depreciation expenses that have been entered in accounting but not in
taxation. Of these, no deferred tax assets have been recorded.
Direct taxes€ 1,0002024 2023Tax based on taxable income for the financial period -33 -132Withholding tax liabilities-265 -208Change in deferred taxes -2 -4Total Direct taxes -299 -344
2.11 Financial income and expenses
€ 1,000 2024 2023Financial incomeExchange rate gains from financial assets and liabilities 6 32Net profit on investments recognised at fair value throughprofit or loss 66 90Other financial income 561 408Total 633 530
Financial expensesNet loss on investments recognised at fair value through profit or loss -20 -27Exchange rate losses from financial assets and liabilities -6 -1Other financial expenses -295 -131Total -322 -159Total financial income and expenses 311 371
Year 2024: other financial expenses EUR 295 thousand (EUR 131 thousand) mainly
consists of impairment of investments.
2.12 Income taxes
46BIOHIT Healthcare Annual Report 2024
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2.14 Intangible assets
2024 2023Profit for the period attributable to the owners of the parent company (EUR thousand) 2,568 1,851Average number of shares, undiluted 15,161,374 15,097,153Average number of shares, diluted 15,215,816 15,127 361Earnings per share, undiluted (EUR) 0.17 0.12Earnings per share, diluted (EUR) 0.17 0.12
2.13 Earnings per share
Undiluted earnings per share are calculated by dividing the profit attributable to shareholders of the parent company in the financial period by the weighted average number of shares in
circulation during the financial period.
2024 2023Intangible Intangible € 1,000rights Total€ 1,000rights TotalAcquisition cost 1 January 2024 1,583 1,583Acquisition cost 1 January 2023 8,997 8,997Decreases from previous years -1,394 -1,394Decreases from previous years -7,592 -7,592Increases 322 322Increases178 178Acquisition cost 31 December 2024511 511Acquisition cost 31 December 2023 1,583 1,583Accumulated depreciation and impairment 1 January 2024 -1,400 -1,400Accumulated depreciation and impairment 1 January 2023 -8,955 -8,955Accumulated depreciation on decreases 1,394 1,394Accumulated depreciation on decreases 7,592 7,592Depreciation -13 -13Depreciation -37 -37Accumulated depreciation and impairment 31 December 2024 -19 -19Accumulated depreciation and impairment 31 December 2023 -1,400 -1,400Book value 1 January 2024 183 183Book value 1 January 2023 41 41Book value 31 December 2024 492 492Book value 31 December 2023 183 183
Intangible rights mainly consist of capitalised R&D costs of internally generated products. The book value for these was EUR 480 thousand (EUR 181 thousand) at the end of the reporting period.
47BIOHIT Healthcare Annual Report 2024
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2.15 Tangible assets
2024Right-of-use Plant and € 1,000assetsequipment TotalAcquisition cost 1 January 2024 1,850 1,346 3,196Decreases from previous years - -34 -34Exchange rate differences - 2 2Increases 184 79 263Acquisition cost 31 December 20242,033 1,394 3,427Accumulated depreciation and impairment 1 January 2024 -1,223 -1,207 -2,430Accumulated depreciation on decreases - 34 34Exchange rate differences - -2 -2Depreciation -279 -49 -328Accumulated depreciation and impairment 31 December 2024 -1,503 -1,223 -2,726Book value 1 January 2024 626 140 766Book value 31 December 2024 531 171 701
2023Right-of-use Plant and € 1,000assetsequipment TotalAcquisition cost 1 January 2023 1,820 1,777 3,598Decreases from previous years - -501 -501Increases 81 70 151Decreases -52 - -52Acquisition cost 31 December 20231,850 1,346 3,196Accumulated depreciation and impairment 1 January 2023 -967 -1,637 -2,604Accumulated depreciation on decreases - 501 501Depreciation -256 -70 -327Accumulated depreciation and impairment 31 December 2023 -1,223 -1,207 -2,430Book value 1 January 2023 853 140 993Book value 31 December 2023 626 140 766
Right-of-use assets€ 1,000 31 Dec 2024 31 Dec 2023Buildings 383 493Equipment 0 3Vehicles148 130Total 531 626Depreciation charge of right-of-use assets € 1,000 31 Dec 2024 31 Dec 2023Buildings 191 185Equipment 3 3Vehicles86 69Total 279 256Amounts recognised in the income statement€ 1,000 31 Dec 2024 31 Dec 2023Depreciation of right-of-use assets 279 256Expenses relating to short-term leases and leases of low value assets 1 1Interest expenses on lease liabilities 20 27Total 301 284Amounts presented in the consolidated cash flow statement€ 1,000 31 Dec 2024 31 Dec 2023Payment of principal portion of lease liabilities 298 267Interest expenses on lease liabilities 20 27Total 319 294
2.16 Leases
Below stated information is based on the leasing contracts where the Biohit Group is the lessee.
The maturity analysis of lease liabilities is presented in note 2.26 (Management of financing risks).
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The Group leases mainly company cars and premises. Rental contracts are typically made
for fixed periods of 12 months to 5 years but may have extension options.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
fixed payments
variable lease payment that are based on an index or a rate, initially measured using
the index or rate as at the commencement date
the exercise price of a purchase option if the group is reasonably certain to exercise
that option
lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
The standard includes optional recognition exemptions for short-term leases (12 months
or less) and leases for which the underlying asset is of low value. Biohit has decided to
apply the optional exemptions and recognises these expenses as straight-line basis over
the period of the lease.
According to IFRS 16 standard, the lessee’s lease period is the period during which the
lease cannot be terminated. Also, a potential extension or termination option should be
considered, if the use of such option is estimated to be reasonably certain. The lease term
for ongoing contracts is based on estimate by Biohit’s management. Management regularly
estimates the length of those leases.
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Fair value through Fair value The Group categorised its financial assets and liabilitiesAmortised cost profit and loss through OCI into the following categories on 31 December 2023:€ 1,000€ 1,000€ 1,000 Hierarchical levelNon-current assetsOther non-current financial assets 118Level 2Current assetsFund shares - 11 - Level 1Investment to Genetic Analysis AS - - 108 Level 1Bonds and fund shares - 2,924 - Level 2Current deposits 500 - -Trade receivables 1,257 - -Contract assets 2,400 - -Other receivables 472 - -Cash and cash equivalents 3,271 - -
2.17 Financial assets and liabilities by categoryFair value through Fair value The Group categorised its financial assets and liabilities Amortised cost profit and loss through OCI into the following categories on 31 December 2024:€ 1,000€ 1,000€ 1,000 Hierarchical levelNon-current assetsContract assets 3,200Other non-current financial assets 139Level 2Current assetsFund shares - 6 - Level 1Investment to Genetic Analysis AS - - 62 Level 1Bonds and fund shares - 2,897 - Level 2Current deposits - - -Trade receivables 1,724 - -Contract assets 1,000 - -Other receivables 490 - -Cash and cash equivalents 3,745 - -
50BIOHIT Healthcare Annual Report 2024
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The company has classified the hierarchies of financial assets according to the availability
of data on market terms and other price data.
The fair values on level 1 of the hierarchy are based on the quoted (unadjusted) prices of
identical assets or liabilities on active markets. The group has mainly used valuations
provided by its asset management partner as a source of price data for determining the
fair value of these instruments, and the company has verified that the price data represents
genuine, frequent market transactions involving the instruments in question.
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 original book value of other receivables corresponds to their fair value because the
effect of discounting is negligible in view of the maturity of the receivables.
Financial liabilities include trade payables EUR 679 thousand (EUR 465 thousand).
51BIOHIT Healthcare Annual Report 2024
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€ 1,000 Lease liabilities Long-term liabilities Total
1 January 2023 943 8 951
New borrowings - - 0
Repayment of borrowings -267 - -267
New leases 60 - 60
Exchange rate differences
0
- 0
Revaluations 20 -1 20
Other changes
-55
- -55
31 December 2023 702 7 709
New borrowings - - 0
Repayment of borrowings -298 - -298
New leases 168 - 168
Exchange rate differences
0
- 0
Revaluations 16 -1 15
Other changes
-
- 0
31 December 2024 587 6 594
2.18 Net liabilities
€ 1,000 2024 2023
Cash and cash equivalents 3,745 3,271
Other investments 2,903 3,435
Long-term liabilities -6 -7
Lease liabilities -587 -702
Net liabilities 6,054 5,997
Liquid assets and other financial assets 6,648 6,706
Gross liabilities - fixed interest -594 -709
Net liabilities 6,054 5,997
Other investments are short-term money market investments that are traded on active markets and that are measured at fair value through profit and loss.
In addition, other investments include short-term deposits, which are valued at amortised cost.
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2.19 Deferred taxes
Deferred tax assetsRecognised through Recognised under other items of € 1,000 1 Jan 2024profit and losscomprehensive income Other adjustments 31 Dec 2024Internal inventory margin 7 2 - - 9Other items 13 -4 - 0 9Total 20 -2 - 0 18Deferred tax liabilitiesRecognised through Recognised under other items of € 1,0001 Jan 2024profit and losscomprehensive income Other adjustments 31 Dec 2024Capitalisation of tangible assets 2 - - 0 2Financial securities measured via the fair value reserve 0 - - - 0Total 2 - - 0 2
Deferred tax assetsRecognised through Recognised under other items of € 1,000 1 Jan 2023profit and losscomprehensive income Other adjustments 31 Dec 2023Internal inventory margin 7 0 - - 7Other items16 -4-2 13Total22 -4-2 20Deferred tax liabilitiesRecognised through Recognised under other items of € 1,000 1 Jan 2023profit and losscomprehensive income Other adjustments 31 Dec 2023Capitalisation of tangible assets 2 --0 2Financial securities measured via the fair value reserve 0 - -- 0Total 2 - - 0 2
The Group has tax-deductible losses of EUR17.0 million for the periods from 2014 to 2022 for which no deferred tax assets have been recognised. In addition the group has entered R&D
costs for EUR 4.7 million in accounting but not in tax deduction. No deferred tax assets has been recognised for these R&D costs.
53BIOHIT Healthcare Annual Report 2024
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Tax losses carried forward€ 1,000Expiring year Losses2024 4,2412025 3,3952026 2,4212027 1,68420282,2472029 29620302,188203129920322882033-2034-
2.20 Inventories
€ 1,000 2024 2023Materials and supplies 307 433Work in progress 36 5Finished products/goods 686 451Total inventories 1,029 890
The amount of inventories recognised as an expense during the reporting period was
EUR 67 thousand (EUR 151 thousand).
2.21 Trade and other receivables
The most substantial item included in the accrued income is cost support receivables of
EUR 162 thousand (EUR 180 thousand).
The age analysis of the trade receivables is presented in note 2.26
(Management of financing risks).
2.22 Notes related to shareholder´s equity
Biohit Oyj’s share capital is EUR2,350,350.81 (EUR2,350,350.81) and there are 15,181,593
(15,113,593) shares, of which 2,975,500 (2,975,500) belong to Series A and 12,206,093
(12,138,093) belong to Series B. Series B is listed on the stock exchange.
The shares have no nominal value. Shares in Series A and B differ from each other in that
each Series A share entitles its holder to twenty (20) votes at general meetings, while each
Series B share carries one (1) vote. 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. When this
regulation is applied, the nominal value of the shares is taken to be EUR 0.17, which was
the nominal value of the company’s shares when it decided to discontinue using nominal
values for shares. The shareholders’ equity has been paid in full.
The table for tax losses carried forward is presented below.
Short-term receivables€ 1,000 2024 2023Trade receivables 1,724 1,257Contract assets 1,000 2,400Accrued income 471 452Other receivables 19 20Total 3,213 4,129
Long-term receivables€ 1,000 2024 2023Contract assets 3,200 -Total 3,200 -
54BIOHIT Healthcare Annual Report 2024
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Description of shareholders’ equity funds:
The translation differences reserve includes the translation differences arising when the
financial statements of foreign subsidiaries and joint ventures are translated into euros.
The invested unrestricted equity fund includes other investments similar to shareholders’
equity and the subscription prices of shares insofar as no specific decision is taken to
recognise these under shareholders’ equity.
The fair value reserve consists of Genetic Analysis AS stocks. Dividends on equity investments
are recognised in the income statement
Capital management
For capital management purposes Biohit defines capital as total equity and interest-bearing
liabilities less cash and cash equivalents and current financial investments. The main
objectives of Biohit’s capital management are to maintain a solid overall financial position
and to ensure sufficient financial flexibility to implement long-term business strategy.
2.23 Share-based payment
Share-based payments terms and conditions
During the financial period 2021 Biohit Oyj established an option programme within the
framework of the share-based incentive scheme. In accordance with the terms of the
option programme, options are granted without cash payment, but a subscription price is
set for the shares. The key terms and conditions of the incentive scheme are shown in the
table below.
Options granted during the 2021 financial period:I 2021 II 2021Types Types SchemeA, B, C, D, EA, B, C, DNature of the scheme Share options Share optionsDate of granting 7 December 2021 7 December 2021Number of instruments granted 440,000 440,000Subscription price EUR 1.00 EUR 2.00 Share price at the time of granting EUR 1.93 EUR 1.93Period of validity (years)6.24 6.24Realisation In shares In shares
Options granted during the 2022 financial period:I 2022 II 2022 Types Types SchemeA, B, C, D, EA, B, C, DNature of the scheme Share options Share optionsDate of granting29 November 2022 29 November 2022Number of instruments granted 80,000 80,000Subscription price EUR 1.00 EUR 2.00 Share price at the time of granting EUR 1.76 EUR 1.76Period of validity (years)5.26 5.26Realisation In shares In shares
For series I 2021 and I 2022 the share subscription is 1.3.2023-1.3.2028 and for series II
2021 and II 2022 1.3.2024-1.3.2028. The right to exercise shares requires the fulfilment of
specifically determined profit objectives. If an option rights holder´s employment ends for
whatever reason, they are obligated to return those option rights whose subscription period
has not begun when the employment or management position ceases to the Company.
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Options in circulation
Number of options 2024 2023In circulation at the beginning of the financial period 760,000 760,000Granted during the financial period ForfeitedExercisedExpiredOptions in circulation at the end of the financial period 760,000 760,000
Determining fair value
The Group uses the Black-Scholes model to determine the fair value of its option schemes.
Presumptions used to determine fair value during the 2022 financial periodScheme I 2022 II 2022Anticipated volatility 44.4% 44.4%Anticipated average period of validity of options on the issue date (years) 5.26 5.26Risk-free rate (%) 2.25% 2.25%Fair value of the instrument defined on the date of issue (EUR) 1.05 0.68
Presumptions used to determine fair value during the 2021 financial periodScheme I 2021 II 2021Anticipated volatility 36.4% 36.4%Anticipated average period of validity of options on the issue date (years) 6.24 6.24Risk-free rate (%) 0.00% 0.00%Fair value of the instrument defined on the date of issue (EUR) 1.09 0.65The amount recognised as expenses is included in note 2.7 (Expenses arising from employment benefits).
56BIOHIT Healthcare Annual Report 2024
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2.24 Interest-bearing liabilities
Balance sheet values of interest-bearing liabilities
€ 1,000 2024 2023
Long-term interest-bearing liabilities
Lease liabilities 284 427
Total interest-bearing long-term liabilities 284 427
Short-term interest-bearing liabilities
Lease liabilities 303 275
Total interest-bearing short-term liabilities 303 275
Total interest-bearing liabilities 587 702
2.25 Trade payables and other liabilities
Long-term interest-free liabilities€ 1,000 2024 2023Other long-term liabilities 6 7Total 6 7
Short-term interest-free liabilities€ 1,000 2024 2023Trade payables 679 465Other payables 205 250Advances received 1 4Tax liabilities 424 371Accruals and deferred income 1,406 1 693Total 2,715 2,783Total interest-free liabilities 2,721 2,790
The most substantial items included in accruals and deferred income are the deferral of
employment benefits EUR 749 thousand (EUR 916 thousand) and withholding tax liability
EUR 410 thousand (EUR 240 thousand).
Other payables include Biohit Healthcare S.r.l. cost accrual EUR 205 thousand (EUR 250
thousand). This accrual has been recognised in revenue. The Italian state is demanding
ex post compensation from suppliers of medical equipment for the budget overruns of
the Italian administrative regions in the years 2015–2019.
Analysis of the maturities of lease liabilities is presented in note 2.26
(Management of financing risks).
Covenants connected to long-term loans
There are no special covenants attached to the company’s long-term financial
lease liabilities.
Subordinated loans
The company has no subordinated loans.
57BIOHIT Healthcare Annual Report 2024
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Analysis of the maturities of financial liabilities in 2024€ 1,000 <1 year 1-5 years >5 years TotalTrade payables 679 - - 679Lease contracts 316 289 - 605Total 995 289 - 1,284
2.26 Management of financial risks
Biohit’s management of financing risks focuses on analysing and minimising the following
financing risks:
Exchange rate risk
Exchange rate risks are associated with international business activities. When calculated
using comparable currencies, Biohit’s net revenue not materially different to the reported
values. Overall, exchange rate changes did not significantly affect the company’s profitability
in the last financial period. The company’s sales are primarily denominated in euros and
the company does not have any exchange rate hedging. Most of the Group’s trade receiv-
ables and payables are in functional currency of each group company and do not involve sig-
nificant transaction risk. The Group monitors the translation risk related to Biohit Health-
care Ltd, but the risk is not hedged.
Interest rate risk
Interest rate changes have a minor effect on Biohit’s earnings. For this reason, the Group
did not use any separate hedging against this risk in the financial period.
Share price risk
Biohit has invested EUR 0.1 million (EUR 0.1 million) in publicly listed shares. In addition,
the value of the investment in stock funds is EUR 0.8 million (EUR 0.6 million). If the
share prices were to increase or decrease nine percent, it would affect the company’s total
income by three percent.
Analysis of the maturities of financial liabilities in 2023€ 1,000 <1 year 1-5 years >5 years TotalTrade payables 465 - - 465Lease contracts 275 427 - 702Total 741 427 - 1,167
Liquidity risk
Liquidity risk management aims to safeguard the Group’s finances under all circumstances.
The Group’s current financial assets on the balance sheet date amounted to EUR 6.6 million
(EUR 6.7 million). The company also holds shares in Genetic Analysis AS worth EUR 0.1
million (EUR 0.1 million). The aim of the investment activities related to the company’s
current liquid assets is to achieve profit at very low risk of capital loss.
The Group’s equity ratio was 78.6% (73.0%).
The following tables provide the analysis of the maturities of financial liabilities. The figures
are undiscounted, including interest payments and repayments.
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Commodity risk
The company is not using derivatives to hedge against commodity risks because the company is not exposed to commodity risks by virtue of the nature of its business.
Credit and counterparty risk
The business units are responsible for the credit risks connected to their trade receivables, and they have evaluated the risk of credit losses for each customer. Biohit’s customer base
primarily consists of solvent companies. As such, Biohit’s risk of credit losses cannot be considered significant. The company has not used credit insurance. The majority of customer
relationships are long-term in nature and business relations are active, so the company will become aware of changes in customers’ creditworthiness at an early stage.
The investment portfolio consists of direct corporate bond loans, structured products, corporate loan funds, money market funds and cash in bank accounts. Some of the products in
the investment portfolio are listed, while others are not. Sufficient diversification of investments between asset categories, investment instruments and counterparties is essential. The
company uses at least two partners in its investment activities. Approximately 0% of the investment portfolio is cash, low-risk money market fund investments and investment-grade
investments. 70% of the investments are high-yield investments exposed to interest rate risk and unclassified investments. 30% of the investments are in equity funds. The company has
assessed the credit risk assosiated with investments and funds. Investments and funds are held in solvent banks, so it is considered that they do not carry credit risk. No expected credit
loss has been recognised. The maximum risk of investments and funds is their book value.
On 31 December 2024, trade receivables totalled EUR 1.7 million (EUR 1.3 million). The maximum amount of credit risk is the book value of the trade receivables.
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Age distribution of trade receivablesImpairment Impairment € 1,000 2024loss Net 2024 2023loss Net 2023Not yet at maturity 1,001 -1 999 613 -1 613Less than 30 days overdue 274 -1 273 115 0 11530–60 days overdue 79 -4 76 348 -7 34161–90 days overdue 11 0 11 60 -17 42More than 90 days overdue 389 -24 365 151 -4 147Total 1,753 -30 1,724 1,287 -30 1,257
The impairment loss is calculated on the basis of historical data and is based on the payment behavior of Biohit’s customers in previous years.
EUR 4 thousand was recognised in credit losses for 2024.
EUR 18 thousand was recognised in credit losses for 2023.
Equity ratio€ 1,000 2024 2023Total shareholders' equity12,191 9,426Balance sheet total15,502 12,920Advances received-1 -4Equity ratio78.6% 73.0%
Capital structure management
The equity ratio – an indicator of the company’s capital structure – is calculated by dividing the Group’s equity by the balance sheet total less advances received. The result of this
calculation is then multiplied by one hundred.
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2.27 Related-party transactions
Parties are considered to be related parties if one of the parties is able to exercise control or considerable influence over the other’s decision-making related to finances and business. The
Group’s related parties include the members of the Board of Directors and the Group Management Team, as well as the President & CEO. In addition the Group’s related parties include
Biohit HealthCare (Hefei) Co. Ltd and subsidiaries.
Management remuneration 2024Salaries and other short-Post-employment and Share-based € 1,000term employment benefitstermination benefitsremunerationParent companyManagement teams 795 149 97President & CEO 305 57 17Members of the scientific advisory board 131 - -
Share-based remuneration includes expenses recorded for the share-based incentive option programme.
Osmo Suovaniemi has been employed by the company as a member of the scientific advisory board by the Board of Directors’ decision. The compensation, including fringe benefits,
is EUR111 thousand (EUR144 thousand)
In addition, the members of the scientific advisory board are paid an hourly compensation of 85 euros for work outside the advisory board.
The CEO of the group has been granted a market-based long-term loan of EUR 40 thousand (EUR 20 thousand) and the management team EUR 98 thousand (EUR 97 thousand).
The loan interest rate is 12-month Euribor plus 0.3%. Interest is paid annually in arrears. The loan period is five years. The borrower is entitled to pay back the loan early.
Management remuneration 2023Salaries and other short-Post-employment and Share-based € 1,000term employment benefitstermination benefitsremunerationParent companyManagement teams 641 120 160President & CEO 251 47 28Members of the scientific advisory board 144 - -
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Subsidiaries
Management remuneration 2024Salaries and other short-Post-employment and Share-based € 1,000term employment benefitstermination benefitsremunerationManaging Directors 191 18 13Management remuneration 2023Salaries and other short-Post-employment and Share-based € 1,000term employment benefitstermination benefitsremunerationManaging Directors 161 15 22
Board of Directors’ remuneration
€ 1,0002024 2023Parent companyVesa Silaskivi Chairman 21 8Lea Paloheimo Member 16 14Osmo Suovaniemi Member 20 14Franco Aiolfi Member - 5Liu Feng Member 11 12Kalle Härkönen Member 18 14Total board remuneration 86 65
Liu Feng is the owner of Biohit HealthCare (Hefei) Co. Ltd, and he exercises control over the company.
On 31 December 2024, the members of the Board of Directors and President & CEO owned a total of 2,868,310 Series A shares and 4,276,748 Series B shares, either directly
or through companies under their control. These correspond to 47.1% of all of the shares in the company and 86.0% of all of the votes.
Share ownership of the management and board of directors Series A shares Series B sharesNumber of shares 2024 2023 2024 2023CEO 0 0 40,000 20,000Management group0 0 111,293 71,293Board of directors 2 868,310 2,868,310 4,236,748 4,236,748
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The Group’s parent company and subsidiaries
Parent company Biohit Oyj, Finland Group ownershipBiohit Healthcare Ltd, United Kingdom 100%Biohit Healthcare S.r.l., Italy 100%
Sales of goods and licenses to related party companies
€ 1,000 2024 2023Sales of goods Biohit HealthCare (Hefei) Co. Ltd 2,066 2,104License sales Biohit HealthCare (Hefei) Co. Ltd 2,800 2,200Total 4,866 4,304
Trd rcivbls nd othr rcivbls from rltd prty compnis€ 1,000 2024 2023Trade receivables Biohit HealthCare (Hefei) Co. Ltd 0 5Contract assets Biohit HealthCare (Hefei) Co. Ltd 4,200 2,400Total 4,200 2,405
Biohit HealthCare (Hefei) Co. Ltd owns 32,7 percent of Biohit’s shares. Biohit and Biohit
HealthCare (Hefei) Co. Ltd have signed a distribution agreement in 2022. Based on the
agreement Hefei has pledged to Biohit 1.5 million Biohit series B shares (EUR 3.4 million)
as security for its obligations under the agreement.
Other operating expenses€ 1,000 2024 2023Consultancy, administration and logistics fees (companies under the control of members of the Board of Directors)Euroclone S.p.A. Franco Aiolfi 0 81Total 0 81
2.29 Events after the financial period
The company’s management is not aware of material events since the balance
sheet date.
2.28 Collateral and Contingent Liabilities
€ 1,000 2024 2023Collateral pledged on the company's own behalfGuarantees 4 4Collateral pledged on the subsidiaries behalfGuarantees- -Total collateral and contingent liabilities 4 4
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IFRS IFRS IFRS IFRS IFRS
2020 2021 2022 2023 2024
Revenue EUR 1,000 7,123 9,361 10,951 13,076 14,283
Change in revenue % -29,1% 31.4% 17.0% 19.4% 9.2%
Operating profit/loss EUR 1,000 -3,174 -1,480 1,129 1,825 2,557
Proportion of revenue (%) -44.6% -15.8% 10.3 % 14.0% 17.9%
Profit/loss before extraordinary items and taxes EUR 1,000 -3,261 -1,305 868 2,195 2,869
Proportion of revenue (%) -45.8% -13.9% 7.9% 16.8% 20.1%
Profit/loss before taxes EUR 1,000 -3,261 -1,305 601 2,915 2,868
Proportion of revenue (%) -45.8% -13.9% 5.5% 116.8% 20.1%
Return on equity (%) -28.5% -18.7% 8.1% 21.9% 23.8%
Return on investments (%) -25.8% -15.3% 15.3% 25.4% 22.2%
Equity ratio (%) 80.8% 76.3% 68.3% 73.0% 78.6%
Investments in fixed assets EUR 1,000 15 37 55 248 402
Proportion of revenue (%) 0.2.% 0.4% 0.5% 1.9% 2.8%
Research and development expenditure EUR 1,000 1,043 1,219 1,237 1,173 1,107
Proportion of revenue (%) 14.6.% 13.0% 11.3% 9.0% 7.8%
Balance sheet total EUR 1,000 10,777 9,613 11,015 12,920 15,502
Average number of personnel 45 44 45 44 46
3. Key Indicators
3.1 Indicators of financial trends
64BIOHIT Healthcare Annual Report 2024
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IFRS IFRS IFRS IFRS IFRS
2020 2021 2022 2023 2024
Earnings per share, undiluted (EUR) -0.22 -0.10 0.04 0.12 0.17
Shareholders’ equity attributable to the owners of the parent company (EUR per share) 0.58 0.49 0.50 0.62 0.80
Price-to-earnings ratio (P/E) -11.3 -18.5 39.3 15.7 13.5
Series B share price trend (EUR)
- average 2.56 2.11 1.71 1.93 2.11
- low 1.90 1.82 1.05 1.57 1.80
- high 4.30 2.54 2.15 2.22 2.65
- price 31 December 2.48 1.84 1.57 1.89 2.29
Market capitalisation EUR 1,000
(presuming the same market value for Series A shares as for Series B shares) 37,313 27,609 23,622 28,489 34,766
Turnover of Series B shares (thousands) 5,518 4,213 3,751 2,681 2,767
- proportion of the total (%) 45.7% 34.9% 31.1% 22.1% 22.7%
Average ex-rights adjusted number of shares 15,045,593 15,045,593 15,045,593 15,097,153 15,161,374
- taking into consideration the diluting effect of options and convertible bonds 15,045,593 15,045,593 15,065,486 15,127,361 15,215,816
Ex-rights adjusted number of shares at the end of the financial period 15,045,593 15,045,593 15,045,593 15,113,593 15,181,593
- taking into consideration the diluting effect of options and convertible bonds 15,045,593 15,045,593 15,065,486 15,143,800 15,236,036
3.2 Share-specific indicators
The company has had options that had a dilutive effect in previous financial years. As the company was loss making, no dilutive effect has been presented.
65BIOHIT Healthcare Annual Report 2024
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4. Shares and Shareholders
4.1 Final market values of shares
Share price and exchange 2024
4.2 Shares and shareholders
Shareholding by owner group 31 December 2024
Series A shares
Number of
owners %
Number of
shares %
1. Households 7 77.8 2,100,510 70.6
2. Companies 1 11.1 24,990 0.8
3. Foreign owners 1 11.1 850,000 28.6
Total number of Series A shares 9 100.0 2,975,500 100.0
Series B shares
Number of
owners %
Number of
shares %
1. Households 8,032 97.2 7,025,669 57.6
2. Financial and insurance institutions 4 0.0 16,035 0.1
3. Companies 186 2.3 789,112 6.5
4. Non-profit organisations 4 0.0 1,561 0.0
5. Public corporations 0 0.0 0 0.0
6. Nominees and foreign owners 35 0.4 4,368,124 35.8
In joint and clearing accounts 0 0.0 5,592 0.0
Total number of Series B shares 8,261 100.0 12,206,093 100.0
Total number of Series A and Series B shares 8,270 15,181,593
Total volume Closing price
66BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Series A shares Number of owners % Number of shares %
1-1,000 0 0.0 0 0.0
1,001-10,000 5 55.6 25,000 0.8
10,001-100,000 2 22.2 82,190 2.8
More than 100,001 2 22.2 2,868,310 96.4
Total number of Series A shares 9 100.0 2,975,500 100.0
Series B shares
Number of owners
%
Number of shares
%
1-1,000 7,205 87.2 1,584,503 13.0
1,001-10,000 924 11.2 2,648,540 21.7
10,001-100,000 122 1.5 3,238,718 26.5
More than 100,001 2 0.0 4,550,580 37.3
Nominee registered shares 8 0.1 178,160 1.5
In joint and clearing accounts 5,592 0.0
Total number of Series B shares 8,261 100.0 12,206,093 100.0
Total number of Series A and Series B shares 8,270 15,181,593
67BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
10 largest owners in terms of the number of shares Series A shares Series B shares Total number of shares %
Biohit Healthcare (Hefei) Co., Ltd. 850,000 4,095,415 4,945,415 32.6
Suovaniemi Osmo Antero 2,018,310 0 2,018,310 13.3
Härkönen Matti 57,200 267,965 325,165 2.1
Interlab Oy 0 130,000 130,000 0.9
Virkkala Juha Jarkko 0 96,621 96,621 0.6
Schengen Investment Oy 0 89,402 89,402 0.6
Suovaniemi Vesa kp 0 85,353 85,353 0.6
Syrjälä Pekka 0 77,650 77,650 0.5
Jaakkola Sami Juhani 0 76,600 76,600 0.5
Ruusila Ari Tapio 0 70,000 70,000 0.5
10 largest owners in terms of the number of votes Series A shares Series B shares Total number of votes %
Suovaniemi Osmo 2,018,310 0 40,366,200 56.3
Biohit Healthcare (Hefei) Co.. Ltd. 850,000 4,095,415 21,095,415 29.4
Härkönen Matti 57,200 267,965 1,411,965 2.0
Oy Tech Know Ltd 24,990 43,600 543,400 0.8
Luostarinen Reijo kp 10,000 12,010 212,010 0.3
Interlab Oy 0 130,000 130,000 0.2
Virkkala Juha Jarkko 0 96,621 96,621 0.1
Schengen Investment Oy 0 89,402 89,402 0.1
Suovaniemi Vesa kp 0 85,353 85,353 0.1
Syrjälä Pekka 0 77,650 77,650 0.1
Senior management ownership 31 December 2024
On 31 December 2024, the members of the Board of Directors and President & CEO owned a total of 2,868,310 Series A shares and 4,276,748 Series B shares, either directly or through
companies under their control. These correspond to 47.1% of all of the shares in the company and 86.0% of all of the votes.
Largest registered shareholders 31 December 2024
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5. Formulae For Calculating Key Indicators
Return on equity, %
profit/loss for the financial period
x 100
shareholders’ equity (average for the year)
Return on investments, %
profit before extraordinary items + interest and other financial expenses
x 100
balance sheet total - interest-free liabilities (average for the year)
Equity ratio, %
shareholders’ equity on the balance sheet
x 100
balance sheet total - advances received
Earnings per share (EUR)
profit/loss for the financial period
average number of ex-rights shares during the period
Shareholders’ equity per share (EUR)
shareholders' equity on the balance sheet
number of shares on the balance sheet date
Dividend per share
dividend distributed for the financial period
number of shares on the balance sheet date
Dividend payout ratio, %
dividend per share
x 100
earnings per share
Effective dividend yield, %
dividend per share
x 100
last transaction rate in the financial period
Price-to-earnings ratio (P/E)
last transaction rate in the financial period
earnings per share
The new instructions issued by the European Securities and Markets Authority (ESMA) on
Alternative Performance Measures (APMs) took effect for the 2016 financial period. In con-
junction with the transition to an income statement model based on expense types, Biohit
will present APMs to describe the financial development of its business and improve com-
parability between different periods. APMs should not be considered substitutes for the key
indicators specified in the IFRS norms for financial statements. The operational key indica-
tors have been adjusted for certain measurement items that do not constitute part of ordi-
nary business activities or that do not affect cash flow during the period but that affect com-
parability. The items that affect comparability and the APMs used by Biohit Oyj are defined
as follows:
Items that affect comparability:
Certain business transactions that do not constitute part of ordinary business activities
or measurement items that do not affect cash flow but that have a significant effect on the
income statement for the period have been adjusted for items that affect comparability.
These items arise through non-recurring transactions such as:
Asset impairments
Asset sales or purchases
Expense entries for benefits in accordance with IFRS 2
In addition, Biohit Oyj presents the following APMs:
EBITDA, EUR = In addition, Biohit Oyj presents the following APMs:
Operative EBITDA (EUR) = Operating profit + depreciation, impairment -
items affecting comparability
69BIOHIT Healthcare Annual Report 2024
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Parent company´s income statement (FAS)
€ 1,000 Note 1 Jan - 31 Dec 2024 1 Jan - 31 Dec 2023
Revenue 6.2 10,202 9,009
Change in inventories of finished and unfinished 226 68
Other operating income 6.3 689 830
Materials and services 6.4 -3,332 -2,904
Personnel expenses 6.5 -3,048 -3,260
Other operating expenses 6.6 -2,182 -2,157
EBITDA 2,555 1,586
Depreciation and amortization 6.7 -67 -90
Operating profit/loss 2,488 1,496
Financial income and expenses 6.9 183 378
Profit/loss before appropriations and taxes 2,671 1,874
Withholding tax 6.10 -265 -208
Profit/loss for the financial period 2,407 1,666
6. Parent Company´s Financial Statements
70BIOHIT Healthcare Annual Report 2024
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€ 1,000 Note 31 Dec 2024 31 Dec 2023
Assets
Non-current assets
Intangible assets 6.11 492 183
Tangible assets 6.12 161 144
Investments
Shares in Group companies 6.13 31 31
Other investments 6.13 2 2
Total non-current assets
685 359
Current assets
Inventories 6.15 813 686
Long-term receivables 6.16 3,338 272
Short-term receivables 6.16 2,849 3,664
Financial securities 6.17 2,950 3,775
Cash at bank and in hand
6.18
2,538 1,900
Total current assets 12,488 10,297
Total assets 13,173 10,656
€ 1,000 Note 31 Dec 2024 31 Dec 2023
Liabilities and shareholders´equity
Shareholders’ equity
Share capital 6.19 2,350 2,350
Fair value reserve 6.19 -1,919 -1,873
Invested unrestricted equity found 6.19 4,178 4,110
Retained earnings 6.19 4,036 2,370
Profit/loss for the financial period 6.19 2,407 1,666
Total shareholders' equity 11,052 8,623
Liabilities
Long-term liabilities 6.20 - -
Short-term liabilities
6.22 2,121 2,032
Total liabilities 2 ,121 2,032
Total liabilities and shareholders' equity 13,173 10,656
Parent company´s balance sheet (FAS)
71BIOHIT Healthcare Annual Report 2024
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€ 1,000 Note 2024 2023
Cash flow from operating activities:
Profit/loss before appropriations and taxes
2,671 1,874
Adjustments:
Planned depreciation 6.7
67 90
Unrealised exchange rate gains and losses
-2 -2
Other income and expenses unconnected to payment
-14 21
Financial income and expenses
6.9 -183 -378
Change in working capital:
Increase (-)/decrease (+) in short-term interest-free trade receivables
-2,395 -1,483
Increase (-)/decrease (+) in inventories -127 56
Increase (+)/decrease (-) in short-term interest-free liabilities -81 132
Realised exchange rate gains and losses
28 -4
Interest paid and payments on other operating financial expenses
-12 -483
Income and interest received from business activities
377 515
Paid direct taxes
-95 -95
Cash flow from operating activities 235 242
Parent company´s cash flow statement (FAS)
* The presentation method of one bank account has been changed from the previous year in the balance sheet and in the consolidated cash flow statement. The bank account was previously presented in “Other current financial assets” and its cash
flow in cash flow from investments. The bank account has been reclassified to “Cash and cash equivalents” based on a more detailed analysis. Comparison period figures have been updated to be equivalent to the reclassification in both consolidated
balance sheet and cash flow statement. Bank account balance and the adjusted sum at the end of the reporting period was 86 thousand EUR (31 December 2023: 245 thousand EUR and 1 January 2023: 1,146 thousand EUR). Year 2023 restated net
cash flow from investments was 902 thousand EUR lower.
€ 1,000 Note 2024 2023
Cash flow from investments:
Investments in tangible and intangible assets
-393 -246
Investments in other instruments *
-1,015 -2,841
Revenue from disposal of other investments
1,520 2,425
Granted loans
-21 -60
Cash flow from investments 92 -722
Cash flow from financing activities:
Warrants
68 68
Cash flow from financing activities 68 68
Increase (+)/decrease (-) in cash and cash equivalents 394 -411
Cash and cash equivalents at the beginning of the period * 2,144 2,555
Cash and cash equivalents at the end of the period 6.18 2,538 2,144
72BIOHIT Healthcare Annual Report 2024
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Notes to the parent company´s financial statement
6.1 Accounting principles
When preparing the financial statements in accordance with good accounting practices,
the company’s senior managers are called upon to make estimates and assumptions that
affect the content of the financial statements. The outcomes may differ from these estimates.
The parent company’s financial statements have been prepared in accordance with the
Finnish Accounting Act.
The financial statements present figures in thousands of euros based on the original values
of business transactions, with the exception of financial securities, a component of current
assets, which are measured at fair value.
Valuation of property, plant and equipment
Property, plant and equipment are recognised on the balance sheet at acquisition cost,
less received contributions, planned depreciation and impairments. Planned depreciation
is calculated using a straight-line model based on the useful life of the asset.
The planned depreciation periods are as follows:
Intangible rights 3 -10 years
Other long-term expenses 5 - 10 years
Plant and equipment 3 -10 years
Valuation on inventories
Inventories are presented in accordance with the FIFO principle at acquisition cost or
replacement cost or likely sale price, whichever is lower. The acquisition cost of inven-
tories includes variable costs as well as the allotted proportion of the fixed expenses of
purchasing and manufacturing.
Valuation of financial securities
Financial securities, which belong to current assets, are measured at fair value in accor-
dance with section 5.2a§ of the Finnish Accounting Act. The fair value of investments is
determined based on price quotations on active markets, i.e., the buy quotation on the
closing date of the financial period. Unrealised profits and losses due to changes in the fair
value of money market investments are recognised in the income statement under finan-
cial income and expenses in accordance with the Group’s updated accounting policies.
Investments recognised via the fair value reserve consist solely of the equity investment
in the unlisted shares in Genetic Analysis AS. Genetic Analysis AS was listed on the Spot-
light Stock Market in Stockholm on 1 October 2021. Despite being traded in Sweden, the
Genetic Analysis AS shares are listed in Norwegian krone. The valuation is consistent with
the accounting principles of the Group.
Research and development expenditure
Research expenses are recognised as annual expenses in the year in which they were
incurred. Development costs are capitalised on the balance sheet in accordance with IAS38
when Biohit can demonstrate that the development of the product is considered to meet
the following criteria: 1) The product is considered to bring financial benefit beyond its useful
life, 2) The product has already been developed, and Biohit intends to sell the product
beyond its useful life, 3) The intangible asset will produce a probable economic benefit,
4) Biohit has adequate and available resources to complete the asset, 5) Biohit is able to
determine the costs incurred during the development phase of the asset. Development
expenditure that has previously been recognized as an expense cannot be capitalised at a
later date. Depreciation is booked for an asset from the time it is ready for use. In 2024, the
costs related to the six development projects have been capitalised.
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6.2 Revenue by business sector
€ 1,000 2024 2023
Diagnostics 10,202 9,009
Total 10,202 9,009
Revenue by market area
€ 1,000 2024 2023
Finland 207 211
Europe, other 1,663 1,637
North and South America 298 320
Asia 5,173 4,565
Other countries 2,860 2,276
Total 10,202 9,009
6.3 Other operating income
€ 1,000 2024 2023
From Group companies 610 553
Grants 78 277
Other 1 0
Total 689 830
Principle for revenue recognition
When calculating net sales, indirect sales taxes and discounts are deducted from sales
revenues. Sales of work performances are recognised when they are handed over.
Maintenance and repairs
Maintenance and repair expenses are recognised as expenses for the financial period.
Pensions
The company’s statutory pension cover and any applicable additional benefits is insured
by a pension insurance company. Pension expenses are recognised on the basis of work
performed by employees during working hours.
Deferred taxes
No deferred taxes have been recognised on the balance sheet. In accordance with general
guidelines issued by the Accounting Board on 12 September 2006, the amounts of deferred
taxes that must be entered into the balance sheet are presented in the notes, along with
the amounts of tax liabilities and assets that should not be entered into the balance sheet
because they are unlikely to be realised.
Items denominated in foreign currencies
Receivables and liabilities in foreign currencies have been translated into euros at the
exchange rate quoted by the European Central Bank on the balance sheet date. Translation
differences have been recognised through profit and loss.
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6.5 Personnel expenses and number of personnel
€ 1,000 2024 2023
Salaries 2,816 2,817
Pension expenses 452 456
Other personnel expenses 35 73
Salaries capitalised to non-current assets -256 3,260
Total personnel expenses 3,048 3,260
In the financial period, the parent company employed an average of
2024
2023
Office personnel 36 35
Average number of personnel 36 35
Number of personnel at the end of the financial period 36 37
6.6 Other operating expenses
€ 1,000 2024 2023
Travel expenses and other personnel expenses 275 205
Rents and maintenance expenses 406 372
Sales and marketing expenses 228 292
Other external services 918 903
Change in value of trade receivables 14 18
Other operating expenses 341 367
Total 2,182 2,157
6.7 Depreciation and impairment
€ 1,000 2024 2023
Intangible assets 13 13
Plant and equipment 54 76
Total 67 90
6.8 Auditors´ fees
€ 1,000 2024 2023
Companies belonging to the PricewaterhouseCoopers chain
Auditors' fees 85 70
Auditors' statements 20 3
Tax service - -
Other services 10 -
Total fees paid to the auditor 115 73
6.4 Materials and services
€ 1,000 2024 2023
Purchases during the financial period 3,232 2,780
Change in inventories 100 124
Total materials and supplies 3,332 2,904
Total materials and services 3,332 2,904
75BIOHIT Healthcare Annual Report 2024
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6.9 Financial income and expenses
€ 1,000 2024 2023
Dividend income
From others - 1
Total dividend income - 1
Other interest and financial income
From Group companies 4 4
From others 633 502
Other interest and financial income 637 506
Total financial income 637 507
Interest expenses and other financial expenses
To Group companies -155 -
To others -299 -128
Total financial expenses -454 -128
Total financial income and expenses 183 378
Financial income and expenses include foreign exchange gains/losses (net) 0 4
6.10 Income taxes
€ 1,000 2024 2023
Withholding tax -265 -208
Total -265 -208
The items above operating profit include foreign exchange losses/gains (net) or EUR 30 thousand (EUR 27 thousand).
76BIOHIT Healthcare Annual Report 2024
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6.11 Intangibles assets
2024
€ 1,000
Intangible
rights Total
Acquisition cost at the beginning of the financial period 189 189
Increases 322 322
Acquisition cost at the end of the financial period 511 511
Accumulated depreciation and impairment in the financial -6 -6
Depreciation and impairment in the financial period -13 -13
Accumultd dprcition t th nd of th finncil priod -19 -19
Book value at the beginning of the financial period 183 183
Book value at the end of the financial period 492 492
2023
€ 1,000
Intangible
rights Total
Acquisition cost at the beginning of the financial period 7,952 7,952
Decreases from previous years -7,942 -7,942
Increases 178 178
Acquisition cost at the end of the financial period 189 189
Accumulated depreciation and impairment in the financial -7,934 -7,934
Accumulated depreciation of decreases 7,942 7,942
Depreciation and impairment in the financial period -13 -13
Accumultd dprcition t th nd of th finncil priod -6 -6
Book value at the beginning of the financial period 18 18
Book value at the end of the financial period 183 183
6.12 Tangible assests
2024
€ 1,000
Plant and
equipment Total
Acquisition cost at the beginning of the financial period 1,239 1,239
Increases 70 70
Acquisition cost at the end of the financial period 1,309 1,309
Accumulated depreciation and impairment in the financial -1,094 -1,094
Depreciation in the financial period
-54 -54
Accumulated depreciation at the end of the financial period -1,149 -1,149
Book value at the beginning of the financial period 144 144
Book value at the end of the financial period 161 161
2023
€ 1,000
Plant and
equipment Total
Acquisition cost at the beginning of the financial period 1,641 1,641
Decreases from previous years -470 -470
Increases 67 67
Acquisition cost at the end of the financial period 1,239 1,239
Accumulated depreciation and impairment in the financial -1,488 -1,488
Accumulated depreciation of decreases 470 470
Depreciation in the financial period
-76 -76
Accumulated depreciation at the end of the financial period -1,094 -1,094
Book value at the beginning of the financial period 154 154
Book value at the end of the financial period 144 144
77BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
6.13 Investments
Shares 2024
€ 1,000
Group
companies Others Total
Book value at the beginning of the financial 31 2 32
Book value at the end of the financial period 31 2 32
Shares 2023
€ 1,000
Group
companies Others Total
Book value at the beginning of the financial 31 2 32
Book value at the end of the financial period 31 2 32
6.15 Inventories
€ 1,000 2024 2023
Materials and supplies 307 433
Work in progress 36 5
Finished products/goods 470 248
Total inventories 813 686
6.14 Holdings in subsidiaries
Subsidiaries 31 December 2024 2024
Biohit Healthcare Ltd, United Kingdom 100 %
Biohit Healthcare S.r.l., Italiy 100 %
6.16 Receivables
€ 1,000 2024 2023
Long-term receivables
Receivables from Group companies
Loan receivables 0 155
Receivables from others
Trade receivables 3,200 338
Loan receivables 138 117
Total long-term receivables 3,338 272
Short-term receivables
Receivables from Group companies
Trade receivables 358 338
Accrued income 8 4
Receivables from others
Trade receivables 2,043 2,904
Other receivables 115 116
Accrued income 325 302
Total short-term receivables 2,849 3,664
78BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
6.17 Financial securities
Assets measured at fair value 2024
€ 1,000 Total Level 1 Level 2
Traded securities and investment to Genetic Analysis AS * 2,950 67 2,883
* Genetic Analysis AS EUR 62 thousand on level 1
Assets measured at fair value 2023
€ 1,000 Total Level 1 Level 2
Traded securities and investment to Genetic Analysis AS * 3 775 863 2 912
6.18 Cash and cash equivalents
€ 1,000 2024 2023
Cash in hand and at bank 2,538 2,144
79BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Shares and voting rights
Biohit’s shares are divided into Series A and Series B shares. The series from each other
in that each Series A share entitles its holder to twenty (20) votes at general meetings,
while each Series B share carries one (1) vote. The dividend 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. When this regulation is applied, the nominal value of the shares is taken to be EUR
0.17, which was the nominal value of the company’s shares when it decided to discontinue
using nominal values for shares.
6.19 Shareholders´ equity
€ 1,000 2024 2023
Share capital 1 January 2,350 2,350
Share capital 31 December 2,350 2,350
Fair value reserve 1 January -1,873 -1,701
Decreases -46 -173
Fair value reserve 31 December -1,919 -1,873
Invested unrestricted equity fund 1 January 4,110 4,042
Increases 68 68
Invested unrestricted equity fund 31 December 4,178 4,110
Retained earnings 1 January 4,036 2,370
Retained earnings 31 December 4,036 2,370
Reported profit/loss for the financial period 2,407 1,666
Total shareholders' equity 11,052 8,623
Calculation of distributable equity 31 December
€ 1,000 2024 2023
Retained earnings 4,036 2,370
Profit/loss for the financial period 2,407 1,666
Invested unrestricted equity fund 4,178 4,110
Fair value reserve -1,919 -1,873
Capitalised development expenditure -480 -166
Total 8,222 6,108
80BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Parent company’s share capital structure 2024 shares % of shares % of votes 2023 shares
Series A shares (20 votes per share) 2,975,500 19.6 83.0 2,975,500
Series B shares (1 vote per share) 12,206,093 80.4 17.0 12,138,093
Total 15,181,593 100.0 100.0 15,113,593
6.20 Long-term liabilities
€ 1,000 2024 2023
Loans from Group companies - -
Loans from financial institutions - -
From others
- -
Total - -
The company’s share capital is EUR 2,350,350.81. The company does not hold any of its own shares. Based on a resolution of the AGM held on 16 September 2020, the Board of the
company is authorised to decide on the issue of shares and to issue the special rights referred to in Chapter 10 of the Limited Liability Companies Act so that the maximum number
of new Series B shares to be issued pursuant to the special rights is 3,000,000, which corresponds to approximately 24.9% of all of the company’s Series B shares. In 2021 and in
2022, the company issued shares options for 760,000 new shares.
81BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
6.22 Short-term liabilities
€ 1,000 2024 2023
Loans from financial institutions,
current proportion - -
Advances received 1 4
Trade payables 555 408
Accruals and deferred income 977 1 140
Other liabilities 587 481
Total short-term liabilities 2,121 2,032
6.23 Pledges, contingent liabilities
and other liabilities
€ 1,000 2024 2023
Debts for which mortgages have
been pledged
The company has not pledged
any collateral.
Leasing commitments
Payable in the next financial period 78 61
Payable later 65 58
Total 143 119
Rental commitments
Payable in the next financial period 192 186
Payable later
192 745
Total 384 932
Other contingent liabilities
Guarantees 4 4
6.21 Deferred tax assets and liabilities
Deferred tax liabilities
There are no deferred tax liabilities.
Deferred tax assets
The tax-deductible losses have not been noted in the balance sheet. There is a total of
EUR16.4million loss in Finland. (Year 2014-2021: EUR16.4million)
The significant items of accruals and deferred income are salary-related deferred
items valued at EUR 749 thousand (EUR 916 thousand).
Leasing and rental fees mainly consist of fixed-term leasing and rental
agreements lasting longer than one year.
Contingent liabilities on behalf of Group companies
The company has no contingent liabilities on behalf of Group companies.
82BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
7. Board of Director’s proposal Regarding the Distribution of Profits
On 31 December 2024 the parent company’s distributable assets (unrestricted equity) amounted to EUR 8,222,057.08, including the profit for the financial
period of EUR 2,406,631.87. The Board of Directors proposes to the Annual General Meeting that the company distribute no divided for the last financial
year and that the profit for the financial year be transferred to retained earnings.
Helsinki, 11 February 2025
Vesa Silaskivi
Chairman of the Board of Directors
Auditor’s statement
A statement has been issued today on the completed audit.
Helsinki, 12 February 2025
PricewaterhouseCoopers Oy
Firm of auditors
Liu Feng
Member of the Board of Directors
Kalle Härkönen
Member of the Board of Directors
Lea Paloheimo
Member of the Board of Directors
Osmo Suovaniemi
Member of the Board of Directors
Jussi Hahtela
President & CEO
Tiina Puukkoniemi
KHT
83BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
8. Auditor’s Report
Opinion
In our opinion
the consolidated financial statements give a true and fair view of the group’s financial
position, financial performance and cash flows in accordance with IFRS Accounting Stan-
dards as adopted by the EU
the financial statements give a true and fair view of the parent company’s financial
performance and financial position in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report to the Board of Directors.
What we have audited
We have audited the financial statements of Biohit Oyj (business identity code 0703582-0)
for the year ended 31 December 2024. The financial statements comprise:
The consolidated balance sheet, statement of comprehensive income, statement of
changes in equity, statement of cash flows and notes, which include material accounting
policy information and other explanatory information
the parent company’s balance sheet, income statement, cash flow statement
and notes.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsi-
bilities under good auditing practice are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our audit, and
we have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have provided to
the parent company and group companies are in accordance with the applicable law and
regulations in Finland and we have not provided non-audit services that are prohibited
under Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that we have
provided are disclosed in note 2.9 to the Financial Statements.
Report on the audit of the financial statements
84BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Our Audit Approach
Overview
Materiality
Overall group materiality: € 150 thousand, which is 1% of total assets
Audit scope
In addition to the parent company, our group scope consists of two foreign subsidiaries.
Key audit matters
Cut-off of Revenue recognition
Royalty income from License included in Distribution Agreement
(Biohit HealthCare (Hefei) Co. Ltd)
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where management
made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as
set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to
evaluate the effect of misstatements on the financial statements as a whole.
Materiality Audit scope Key audit matters
85BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Overall group materiality € 150 thousand
How we determined it 1% of total assets
Rationale for the materiality benchmark applied Based on our assessment the total assets provide a more solid base for determining the materiality than
the commonly used income statement-based benchmarks.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the group, the
accounting processes and controls, and the industry in which the group operates. Biohit
Oyj is a Finnish biotechnology company operating on global markets, which has foreign
subsidiaries in Great Britain and Italy.
We determined the type of work that needed to be performed at group companies. This
work was performed by the group audit team. Audit was performed for the parent company
and for Biohit Healthcare Ltd, UK. For the Italian subsidiary, we performed certain specific
audit procedures on selected profit and loss statement items and balance sheet account
balances as well as analytical procedures. In addition, we performed audit procedures on
the group level.
By performing the procedures above, we have obtained sufficient and appropriate evidence
regarding the financial information of the Group as a whole to provide a basis for our opinion
on the consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of management override of internal
controls, including among other matters consideration of whether there was evidence of
bias that represented a risk of material misstatement due to fraud.
86BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Key audit matter in the audit of the group
Cut-off of Revenue recognition
Refer to the financial statements accounting principles and the financial statements
note 2.3 Net sales and segment information
Biohit Oyj (“Biohit”) is a Finnish Biotechnology company operating on global markets.
Biohit’s product portfolio consists of diagnostic tests, analysis systems, products that bind
carcinogen acetaldehyde in monoclonal antibodies and service laboratory operations. The
Group’s revenue is predominately generated from distribution agreements signed with
several distributors who then sell the products further to healthcare operators.
Revenue from distribution agreement-based product sales is recognised at a point of time
when the control has transferred to a distributor in accordance with delivery terms.
We determined cut-off of revenue recognition as an audit focus area, as there is a risk
that revenue in the financial statements is recognized in an incorrect period due to either
errors or fraud.
How our audit addressed the key audit matter
We gained an understanding of the revenue recognition process; and we performed
substantive audit procedures to ensure revenue is recorded in the correct period.
Our substantive audit procedures included:
testing a sample of selected distribution agreements to ensure the correctness
of revenue recognition criteria applied
testing revenue transaction that occurred close to the year end
testing certain revenue related balances recognised in the balance sheet
testing a sample of revenue transactions occurred during the year
testing the basis for revenue recognition cut-off for selected general ledger journal
entries posted in revenue accounts
auditing the notes and accounting principles regarding revenue recognition.
87BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
we read the Distribution agreement signed 8 February 2022 and obtained evidence that
Hefei pledged 1.5 million of its Biohit class B shares (value approximately 3,4 million
euros at 31.12.2024) to Biohit, as a security for its payment obligations
we made an accounting analysis of the royalty income from license based on IFRS 15
we reconciled the management calculation of estimated royalty income based on dis-
tribution agreement to the accounting records and financial statements and ensured
those were correctly accounted for based on estimated amount
we audited royalty payments by Hefei in 2024
we assessed the recoverability of royalty income in terms of cash flow probabilities,
cash flow timing, the pledge and payments received
we audited balance sheet items relating to royalty income from license
we audited the notes and accounting principles regarding royalty income from license
Biohit Oyj’s shareholder Biohit HealthCare (Hefei) Co. Ltd (”Hefei”) acts as the exclusive
distributor of Biohit’s certain GastroPanel products in China. The parties have in February
2022 agreed on multiannual distribution agreement for certain GastroPanel products
in China.
As disclosed in note 2.27 “Related parties”, royalty income from license to Hefei, 2,8 million
euros (2,2 million euros in 2023) forms a significant portion of the company’s turnover.
Revenue recognition is based on the distribution agreement, its IFRS-accounting interpre-
tation, cash flow probabilities and timing (note 2.3).
As disclosed in note 2.27, Hefei has pledged 1.5 million of its Biohit class B (value approx-
imately 3,4 million euros on December 31, 2024) shares to Biohit as a security for its
payment obligations under the new distribution agreement.
Royalty income from License included significant management estimation.
We determined that Royalty income from License is a key audit matter due to the signifi-
cance of the transaction and due to the estimation uncertainty relating to it.
The above-mentioned Key audit matter “Royalty income from License included in Distribution Agreement (Biohit HealthCare (Hefei) Co. Ltd)“ is also a key audit matter with respect to our audit of
the parent company financial statements. Our audit procedures were aligned with the ones presented above.
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent
company financial statements.
Royalty income from License included in Distribution
Agreement (Biohit HealthCare (Hefei) Co. Ltd)
Refer to the financial statements accounting principles and the financial statements note
2.3, Net sales and segment information and note 2.27 Related party transactions
We obtained understanding of the impact of the distribution agreement to royalty income
from license and related balance sheet items. Our substantive audit procedures included
following procedures:
88BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Responsibilities of the Board of Directors and
the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial statements that give a true
and fair view in accordance with the laws and regulations governing the preparation of
financial statements in Finland and comply with statutory requirements. The Board of
Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director
are responsible for assessing the parent company’s and the group’s ability to continue as
a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting. The financial statements are prepared using the going
concern basis of accounting unless there is an intention to liquidate the parent company or
the group or to cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with good auditing
practice will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of express-
ing an opinion on the effectiveness of the parent company’s or the group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast signif-
icant doubt on the parent company’s or the group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclo-
sures are inadequate, to modify our opinion. Our conclusions are based on the audit evi-
dence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the parent company or the group to cease to continue as a going concern.
89BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 14 April 2014.
Our appointment represents a total period of uninterrupted engagement of 11 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other informa-
tion. The other information comprises the report of the Board of Directors and the infor-
mation included in the Annual Report, but does not include the financial statements or our
auditor’s report thereon. We have obtained the report of the Board of Directors prior to the
date of this auditor’s report and the Annual Report is expected to be made available to us
after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other information
is materially inconsistent with the financial statements, or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. With respect to the report of the
Board of Directors, our responsibility also includes considering whether the report of the
Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion
the information in the report of the Board of Directors is consistent with the information
in the financial statements
the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any signifi-
cant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the cur-
rent period and are therefore the key audit matters. We describe these matters in our audi-
tor’s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
90BIOHIT Healthcare Annual Report 2024
BIOHIT IN BRIEF CEO´S REVIEW STRATEGY CORPORATE GOVERNANCE FINANCIAL STATEMENTS
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report,
we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Helsinki 12 February 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Tiina Puukkoniemi
Authorised Public Accountant (KHT)
91BIOHIT Healthcare Annual Report 2024
www.biohithealthcare.com
Biohit Oyj
Laippatie 1
00880 Helsinki, Finland
Tel. +358 9 773 861
info@biohit.fi
1 (2)
PricewaterhouseCoopers Oy, Authorised Public Accountants, P.O. Box 1015 (Itämerentori 2), FI-00101 HELSINKI
Phone +358 20 787 7000, www.pwc.fi
Reg. Domicile Helsinki, Business ID 0486406-8
Independent Auditor’s Reasonable Assurance Report on Biohit
Oyj’s ESEF Financial Statements
To the Management of Biohit Oyj
We have been engaged by the Management of Biohit Oyj (business identity code 0703582-0) (hereinafter also
“the Company”) to perform a reasonable assurance engagement on the Company’s consolidated IFRS financial
statements for the financial year 1 January - 31 December 2024 in European Single Electronic Format (“ESEF
financial statements”).
Management’s Responsibility for the ESEF Financial Statements
The Management of Biohit Oyj is responsible for preparing the ESEF financial statements so that they comply
with the requirements as specified in the Commission Delegated Regulation (EU) 2019/815 of 17 December
2018 (“ESEF requirements”). This responsibility includes the design, implementation and maintenance of internal
control relevant to the preparation of ESEF financial statements that are free from material noncompliance with
the ESEF requirements, whether due to fraud or error.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements of the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality and professional behaviour.
Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement
and operate a system of quality management including policies or procedures regarding compliance with ethical
requirements, professional standards and applicable legal and regulatory requirements.
Our Responsibility
Our responsibility is to express an opinion on the ESEF financial statements based on the procedures we have
performed and the evidence we have obtained.
We conducted our reasonable assurance engagement in accordance with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of
Historical Financial Information. That standard requires that we plan and perform this engagement to obtain
reasonable assurance about whether the ESEF financial statements are free from material noncompliance with
the ESEF requirements.
A reasonable assurance engagement in accordance with ISAE 3000 (Revised) involves performing procedures to
obtain evidence about the ESEF financial statements compliance with the ESEF requirements. The procedures
selected depend on the auditor’s judgment, including the assessment of the risks of material noncompliance of
the ESEF financial statements with the ESEF requirements, whether due to fraud or error. In making those risk
assessments, we considered internal control relevant to the Company’s preparation of the ESEF financial
statements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Assently: 62c384b8e2c18194e309dea9ddabcd76c19bc83302a2d28e5779490eb60687199743250de4a7b6e6b63c71b9c8ffaa4f713d20bb49d34316ecc22d1984102e48
2 (2)
Opinion
In our opinion, Biohit Oyj’s ESEF financial statements for the financial year ended 31 December 2024 comply, in
all material respects, with the minimum requirements as set out in the ESEF requirements.
Our reasonable assurance report has been prepared in accordance with the terms of our engagement. We do not
accept, or assume responsibility to anyone else, except for Biohit Oyj for our work, for this report, or for the
opinion that we have formed.
Helsinki
PricewaterhouseCoopers Oy
Authorised Public Accountants
Tiina Puukkoniemi
Authorised Public Accountant (KHT)
Assently: 62c384b8e2c18194e309dea9ddabcd76c19bc83302a2d28e5779490eb60687199743250de4a7b6e6b63c71b9c8ffaa4f713d20bb49d34316ecc22d1984102e48
The following documents were signed Tuesday, March 18, 2025
Signatures
Biohit Oyj - ESEF report 2024.pdf
(134936 byte)
SHA-512: 0b469ae6d0335662d9f8a0edd9b799e54287f
2564cd4f957c7b1dc87053c82f9ad3ccbdf507801a05c9
46a1374b9552878426a4227d045ea7bf79c1bb04264d2
Tiina Annika Puukkoniemi, PricewaterhouseCoopers Oy
tiina.puukkoniemi@pwc.com
Signed with electronic ID (Finnish Trust Network)
3/18/2025 8:31:04 PM (CET)
Biohit Oyj ESEF report 2024
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SHA-512:
62c384b8e2c18194e309dea9ddabcd76c19bc83302a2d28e5779490eb60687199743250de4a7b6e6b63c71b9c8ffaa4f713d20bb49d34316ecc22d198410
2e48
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