Devgen nv announces its business and financial results for the year ending 31 December 2010
(Thomson Reuters ONE) -
Regulated information
Zwijnaarde, Belgium - March 4, 2011 Devgen (Euronext, Brussels; DEVG) reports
revenues of ? 20.6 million as per guidance of November 2010
Key figures
· Revenues increased from ? 18.4 million in 2009 to ? 20.6 million in
2010, an increase of 12%.
· Earnings before interest, taxes, depreciation and amortization (EBITDA)
further improved from ? -5.9 million in 2009 to ? -3.9 million in 2010.
· Net loss for the year amounted to ? 7.1 million as compared to ? 8.5
million in 2009, a decrease of 16%.
· The cash position of the company decreased from ? 45.8 million at year
end 2009, including ? 5.6 million cash restricted in its use to ? 28.8 million
at year end 2010. The ? 28.8 million include ? 5.9 million cash restricted in
its use.
As previously reported, 2010 was a difficult year for Devgen's seed business in
India. Cyclically low demand for sunflower in both the 2009 and 2010 dry seasons
impacted heavily on revenue growth. Costs of seed production were high, partly
due to unfavorable weather conditions and partly due to reduced production
efficiencies in new areas with new staff and growers. Improvements in production
systems, product portfolio and efficient positioning and tracking of products in
the market were implemented throughout 2010. As a consequence, the ongoing
production season (Dec. 2010 - Apr. 2011) is progressing well with improved
efficiency and is on track to deliver substantial growth in production volumes
and reduced cost of goods.
During 2010 Devgen achieved substantial progress in the 5 core value drivers of
its business plan.
Value driver 1: Hybrid rice
Since 2005, Devgen's biotech and breeding teams have been working to create and
deliver the next green revolution to the growers that cultivate 60m Ha of rice
in India and S.E. Asia.
Since the 1990's the productivity of rice growing, has not kept up with
population growth, nor with land and water availability and the progress offered
by modern agriculture. There is a widening gap between productivity growth and
growth in demand. The seed industry addresses this problem by developing high
yielding hybrid rice for Indian and Southeast Asian markets.
Hybrid rice has been successfully adopted in China (60% adoption rate) while in
India and S.E. Asia adoption has not grown beyond a few percentage points. In
India the market for hybrid rice has been stagnant at ~16-17.000 ton since
2008, or ~1 million ha out of a total of 44 million Ha. This is principally
because the current generation of hybrid rice varieties does not provide
sufficient yield increase over elite varieties and lack grain quality and other
agronomic properties. At the same time the current generation of hybrid rice
seeds in India and S.E. Asia has a much higher cost of seed production, 2 or 3
fold higher than hybrid rice seed in China, resulting in much increased business
risk and low profit margins.
Two core value drivers of Devgen's business plan are the creation of a new
generation of hybrid rice seeds that overcome these deficiencies and the
creation of proprietary market access for these products in India and S.E.
Asia. During the past 5 years, Devgen's R&D team has conducted a fundamental
redesign of high yielding hybrid rice. Devgen's Next Generation Hybrid Rice
seeds (NGHR-seeds) were tested in 2010 in the field and the results obtained
provide important proof of concept that this hybrid rice technology indeed has
the potential to drive the accelerated conversion of varietal rice to hybrid
rice:
- NGHR-seeds have 10% yield advantage over the industry's current best
hybrids in the market;
- Seed production yields of NGHR-seeds are on average double those of
today's industry average.
In 2011 and 2012 Devgen will continue to test hundreds of NGHR's in key markets
and prepare for a 2013 market launch in different market segments in India and
S.E. Asia.
Devgen believes this NGHR platform can sustainably provide the innovation and
productivity increases that India and S.E. Asia need and can develop into a
value driver for both farmer and shareholder. Today the need to increase food
production in a changing environment, of which the increasing food prices are an
immediate consequence, is an important global issue.
Value driver 2: Biotech rice
In addition to developing the Next Generation Hybrid Rice (NGHR)-seeds, Devgen
anticipated the need to increase insect resistance, herbicide tolerance and
drought/heat tolerance in rice to a level that is beyond what can be achieved
with classical breeding. Therefore, starting in 2006, Devgen has been creating a
portfolio of such biotech traits using Devgen's own technology as well as in-
licensed technologies. These traits are being introduced in NGHR germplasm. In
2010 Devgen advanced several insect resistant and herbicide tolerant rice events
from the research stage in Belgium to the development stage in India. In
addition, Devgen's Singapore scientists selected several abiotic stress tolerant
events for advancement to India in 2011.
Incorporated in Devgen's NGHR-seeds, these traits will further underpin Devgen's
value proposition to farmers by enabling the farmer to grow rice using less
pesticides, requiring less water and maintain higher yield under environmental
stress conditions such as those resulting from climate change and reduced
availability of water. Market entry for these traits is targeted for 2016.
Devgen has a portfolio of additional abiotic stress and yield traits in research
phase that is expected to form the basis of a sustainable pipeline of biotech
traits for rice.
Value driver 3: Market access in India and S.E. Asia
India
In order to build a sustainable market access for its Next Generation Hybrid
Rice (NGHR)-seeds and its Biotech Rice traits, Devgen started its seed business
in 2008 - after acquiring certain seed assets in Rice, Sorghum, Sunflower and
Pearl millet in India and Philippines in 2007. Today Devgen has state of the art
breeding and testing capabilities that create and evaluate hundreds of hybrids
each season. Devgen established seed production infrastructure including access
to growers in all key production areas managed through strong IT and QA systems.
Devgen markets two premium seed brands through 600 distributors and more than
20,000 retailers across India. This organization has now reached the maturity
and critical mass to deliver solid growth going forward and has the potential to
be profitable in the near term.
In 2010, Devgen has expanded its Hybrid Rice business in India by 25% in value
and reached a number 3 position (behind Bayer Cropscience and Pioneer Hi-Bred
Int.). Devgen's hybrid rice portfolio is premium with respect to yield, taste,
drought tolerance and suitability for mechanized seeding and harvesting. In
2010 a series of new high yielding proprietary products that can be produced
more efficiently were selected for market launch in 2011. They further upgrade
Devgen's Hybrid Rice portfolio to a higher level of profitability and consumer
acceptance and are a solid foundation for launching Devgen's NGHR-seeds.
Rice is a seasonal crop in India and the company needs a year-round presence in
the market. Devgen has therefore built premium pipelines and product portfolios
in three geographically and seasonally complementary crops: Sorghum, Pearl
millet and Sunflower. These crops represent 60% of seed revenues today. However
as Devgen's NGHR-seeds are expected to drive conversion to hybrid rice, these
crops are to become a relatively smaller but still important part of Devgen's
portfolio. Together these three crops are planted on 20m ha in India and offer a
good potential for value increase, especially as both pearl millet and sorghum
are highly tolerant to heat and require less water than other grain crops.
Considering the demands on water resources, land use and climate change impact,
we expect that these crops will increase in importance over time.
Building on its output of three years of consistent innovative research, Devgen
has broadened and upgraded its product portfolios in each of these 3 crops. This
drives the potential for leadership and sustainable annual high single digit
growth in value in each of these crops:
- in 2010, Sorghum sales grew by 24% (volume) in a market shrinking by 35%.
Devgen achieved undisputed market leadership with its premium product portfolio
gaining 40% market share (value). New products were identified in 2010 that are
expected to fuel sustained high single digit value and volume growth in the
coming years. This includes DJ4005 targeted at the 5 million ha winter Sorghum
segment that today is purely varietal, i.e. not hybrid.
- In Sunflower, Devgen achieved 34% market share in a market that was at its
cyclical lowest (25% of normal). This decline was due to price pressure from
edible oil imports making farmers shift to production of other crops and rains
up to the middle of December in key Sunflower growing states made it impossible
for farmers to plant their preferred Sunflower crop. Industry analysts expect
the Sunflower market to recover in value and volume starting in 2011 and Devgen
is well positioned to take advantage of this recovery.
- In Pearl millet, Devgen had in 2010 in essence a presence in the southern
market segment only, amounting to 15% of the overall market (Devgen's total
market share is 3-4%). In 2010 Devgen's R&D efforts to breed products that
address the remaining 85% market proved to be successful:
· Devgen launched 'Tilak', suited for essentially all Pearl millet growing
areas
· Devgen identified new products to launch in the major Northern and Western
market segment.
In 2011 Devgen thus will have a market presence in more than 80% of the Pearl
millet area offering the potential for double digit value and volume growth.
South East Asia
- In Indonesia Devgen built a nucleus of product support, seed production and
R&D teams during 2010. Together with its partner PT Sang Hyang Seri (Persero),
Devgen launched its first hybrid rice seed, DG 1 SHS, in 10 key rice growing
markets across Sumatra, Java and Sulawesi, and received positive feedback from
the growers. In 2011, Devgen targets to launch DG 2 SHS and increase volumes of
DG 1 SHS. In addition Devgen will conduct in-country pilot seed production as a
first step in the process of building systems and training growers. This is
expected to form the basis to become a leading supplier for hybrid rice in the
country with the third largest potential hybrid rice market (12m ha) after India
and China.
- In the Philippines Devgen entered its second sales season for Masuwerte(®)
and further built the production teams and systems. Several new products are
expected to receive registration in 2011 and several new premium rice hybrids
with improved cost of goods and farmer yield were identified for 2012 launch.
Devgen's NGHR-seeds are expected to be launched in 2014 in the Philippines.
- In Vietnam Devgen progressed in 2011 several hybrids from research to
national registration trials. One premium proprietary hybrid that is Brown Plant
Hopper resistant (BPH is a major pest across S.E. Asia), high yielding and fully
adapted to S.E. Asian grain quality was identified. This is now being fast
tracked across S.E. Asia for 2013 launch. Start of commercial activities in
Vietnam is envisaged as of 2013.
Value driver 4: Devgen's nematicide
In its nematicide business, Devgen achieved significant progress by bringing its
products, Devguard(®) and Enclosure(®), to a broader market:
- Devgen's nematicide was launched in the US for use on peanuts. Positive
feedback from farmers and a high profile in the trade press increased market
awareness. Application protocols are being further optimized to enhance the
versatility of application options of Enclosure(®) in 2011.
- In Europe, the EU commission approved Devgen's request to update the
Directive 91/414 adding the use of iprodione as a nematicide. This was essential
for Devgen's submission of the Annex III dossiers for Devguard(®) in Europe, and
also important to support regulatory approvals outside Europe. Thus a key
milestone was achieved in the progression towards market introductions in
important vegetable growing countries in Europe.
- Regulatory reviews are in progress with initial approvals expected in the
course of 2011 in more countries and for a wide range of crops.
As farmers are faced with a shrinking portfolio of nematicides and fumigants.
The market uptake and validation of Devguard(®) and Enclosure(®) strengthens
Devgen's confidence that its new nematicide plays a significant role in
providing the farmer with a sustainable nematode management solution.
Value driver 5: Devgen's new technologies and collaborations
Devgen continues to innovate in crop protection research and environment induced
stress tolerance research for its own crops and providing technology to
corporate partners. Over time, drought and heat stress have become important
areas of expertise. In this context Devgen initiated collaboration with IRRI
(the International Rice Research Institute) in Q1 2010 and is expanding its
facilities in Singapore, Kenya and India.
Financial highlights
Key figures 2010
-------------------------------------------------+-------+-------+------+------
|H1 2010|H2 2010|Y 2010|Y 2009
EUR 000 (except for earnings per share) | | | |
-------------------------------------------------+-------+-------+------+------
Revenue | 12,252| 8,343|20,595|18,435
-------------------------------------------------+-------+-------+------+------
EBITDA | -925| -2.962|-3,887|-5,898
-------------------------------------------------+-------+-------+------+------
Operating Loss from cont. operations | -2,120| -4.071|-6,191|-7,938
-------------------------------------------------+-------+-------+------+------
Net of financial income/cost | -212| -722| -934| -581
-------------------------------------------------+-------+-------+------+------
Net loss from cont. operations | -2,332| -4,809|-7,141|-8,519
-------------------------------------------------+-------+-------+------+------
Basic earnings per share from cont. operations | -| -| -0.36| -0.45
(EUR) | | | |
-------------------------------------------------+-------+-------+------+------
Net loss from discount. operations | 0| 0| 0| -133
-------------------------------------------------+-------+-------+------+------
Net Loss for the year cont. & discount. | -2,332| -4.809|-7,141|-8,651
operations | | | |
-------------------------------------------------+-------+-------+------+------
Basic earnings per share from cont.& discount. | -| -| -0.36| -0.46
operations (EUR) | | | |
-------------------------------------------------+-------+-------+------+------
Cash and cash equivalents including cash | 32,724| 28.819|28,819|45,762
restricted in its use | | | |
-------------------------------------------------+-------+-------+------+------
Revenues
Overall revenues increased by 12% and amounted to ? 20.5 million compared to ?
18.4 million during the previous year.
-------------------------------------+--------+--------+-------
| 2010 | 2009 | 2008
'000 of ? / year ended 31 December | | |
-------------------------------------+--------+--------+-------
Sales of goods | 8,144 | 9,060 | 6,093
-------------------------------------+--------+--------+-------
Research & Technology income | 12,463 | 9,170 | 3,171
-------------------------------------+--------+--------+-------
Government grant income | -12 | 205 | 80
-------------------------------------+--------+--------+-------
Total revenues | 20,595 | 18,435 | 9,344
-------------------------------------+--------+--------+-------
Revenue from sales of goods amounted to ? 8.1 million in 2010 as compared to ?
9.1 million in 2009, a decrease with 10%.
Devgen's turnover in the seed business was under pressure during 2010 due to
multiple challenges including anomalous weather conditions and changing crop
economics for farmers. Both conditions impacted extremely hard the sunflower
growing in India, which up to date has been an important contributor to Devgen's
turnover and gross margin. Sunflower oil prices and acreage of sunflower planted
fluctuate in a 4-5 year cycle which in 2010 hit an all time low. Low sunflower
sales more than neutralized the substantial growth in volume and turnover of
hybrid rice and both grain and fodder sorghum. The positive impact of the growth
realized in the Philippines year-on-year, the first export sales to Indonesia,
and nematicides sales in Turkey and the US were compensated by the reduced sales
in India.
Income realized through research and technology deals increased from ? 9.2
million in 2009 to ? 12.5 million in 2010. Research and technology income
results from the collaboration with Sumitomo Chemical Company and the agreement
Devgen has with Monsanto Company.
Gross profit
------------------------------------------+---------+------------+---------
| | |
'000 of ? / year ended 31 December | 2010 | 2009 | 2008
------------------------------------------+---------+------------+---------
Revenues | 20,595 | 18,435 | 9,344
------------------------------------------+---------+------------+---------
Including Sales of goods | 8,144 | 9,060 | 6,093
------------------------------------------+---------+------------+---------
Cost of goods sold | (8,711) | (5,942) | (4,170)
------------------------------------------+---------+------------+---------
Gross profit/(loss) from sales of goods | (567) | 3,118 | 1,923
------------------------------------------+---------+------------+---------
Total gross profit | 11,884 | 12,493 | 5,175
------------------------------------------+---------+------------+---------
The gross profit (loss) from sales of goods amounted to ? -0,6 million (or -7%
of revenue from the sale of goods) in 2010 as compared to ? 3.1 million in 2009
(or 34.4% of sales of goods). Gross profit was impacted 3-fold in 2010:
- Cost of Goods (Cogs) of almost all crops, with the exception of sorghum,
was affected by difficult production conditions. In addition high cost for rice
were incurred due to in field training of new staff and contract growers and the
expansion into new production areas as an investment in future volume growth.
- In order to maintain the highest product quality standards, Devgen
implemented a stringent policy on obsolescence in all crops.
- Sunflower prices dropped significantly due to the unfavorable crop
economics for the farmers growing this crop resulting in considerably lower
margins realized on the lower volumes.
As a result of the above the total gross profit dropped to ? 11.9 million from
? 12.5 million in 2009, a decrease with ? 0.6 million. The decrease in gross
profit from the sales of goods was nearly entirely compensated by higher revenue
of ? 3.3 million out of research and technology deals.
Operating expenses and other operating income
--------------------------------------+--------+--------+--------
| 2010 | 2009 | 2008
'000 of ? / year ended 31 December | | |
--------------------------------------+--------+--------+--------
R & D expenses | 8,453 | 10,086 | 14,422
--------------------------------------+--------+--------+--------
Marketing and distribution expenses | 4,543 | 4,315 | 2,381
--------------------------------------+--------+--------+--------
General and administrative expenses | 6,071 | 6,289 | 5,937
--------------------------------------+--------+--------+--------
Other operating income | (992) | (259) | (266)
--------------------------------------+--------+--------+--------
Total operating costs | 18,075 | 20,431 | 22,474
--------------------------------------+--------+--------+--------
Research and development expenses have further decreased with ? 1.6 million or
16%. Lower expenses are due to the progression of the nematicide program into
pre-commercialization phase. R&D expenses for the rice breeding programs
remained at the same level in order to support the expansion of the seed
business.
Marketing and distribution expenses amounted to ? 4.5 million in 2010 as
compared to ? 4.3 million in 2009 due to the geographical expansion of the seed
and the nematicide business.
General and administrative expenses in 2010 decreased to ? 6.1 million down from
? 6.3 million in 2009. This decrease is entirely due to significantly lower
share based payment expenses.
Other operating income, mainly relates to rent income (? 0.3 million) and sales
of thrash seed (? 0.1 million) for comparable amounts posted in previous years.
In addition a plus value was realized on the contribution in kind of part of
Devgen's remaining pharma assets into Amakem NV (? 0.5 million).
Net results
EBITDA (earnings before interests, taxes, depreciation and amortization) for
2010 improved to ? - 3.9 million from ? -5.9 million.
The impact of low sunflower seed sales, the higher cost of goods and the
obsolescence charges was more than offset by both higher income out of research
and technology activities and lower R&D expenses.
The operating loss improved to ? 6.2 million from ? 7.9 million in 2009 and the
net loss from operations in 2010 amounted to ? 7.1 million as compared ? 8.5
million in 2009, an improvement with ? 1.4 million or 17%.
Cash flow
Devgen's cash and cash equivalents, including restricted cash of ? 5.9 million,
amounted to ? 28.8 million on 31 December 2010, as compared to ? 45.8 million on
31 December 2009. Total cash used amounts to ? 17 million.
Cash used in operations in 2010 amounted to ? 14.7 million, as compared to cash
provided by operations of ? 10.8 million in 2009[1]. The net operating cash
drain (operating loss + amortization and depreciations + share based
compensation) amounts to ? 4.5 million. The use of working capital amounts to ?
10.2 million and includes:
· Use of the cash received from Monsanto Company for an amount of ? 8.0
million;
· Increase of seed inventories of ? 1.7 million, mainly due to higher
sunflower inventories at year-end,
· Inventories at hand for the nematicides operations for an amount of ?
0.8 million;
· Decrease of trade and other receivables for an amount of ? 1.6
million;
· Decrease of trade and other payables for an amount of ? 1.3 million.
· Other cash generated: ? 0.3 million
In 2010, the net cash used in operating activities amounted to ? 15.3 million
including interest paid of ? 0.6 million in 2010. In 2009 cash provided by
operating activities amounted to ? 10.2 million(1)
Cash used by investing activities amounted to ? 1.0 million in 2010 as compared
to ? 1.2 million in 2009.
Cash flow from financing activities amounted to ? -0.2 million in 2010
(resulting from issuance of new debt and debt repayments in 2010) as compared to
cash provided by financing activities for an amount of ? 12.8 million in 2009.
Net cash outflow from currency translation differences in 2009 amounted to ?
0.5 million as compared to ? 0.3 million in 2009.
As a result from the above, a net decrease of ? 17 million in cash and cash
equivalents was recorded during 2010.
Consolidated balance sheet
The balance sheet total at 31 December 2010 amounted to ? 63.2 million compared
to ? 80.1 million at 31 December 2009.
The balance sheet at 31 December 2010 has a solvency ratio (equity vs. total
assets) of 64 % (versus 59% at 31 December 2009). The cash position amounts to
? 28.8 million (including ? 5.9 million restricted cash).
Inventories related to commercial seed and to raw material and finished product
at hand for the nematicide business at the end of 2010 amounted to ? 5.0 million
as compared to ? 2.4 million at the end of 2009.
Trade receivables decreased slightly from ? 3.9 million in 2009 to ? 3.7 million
at the end of 2010. Other current assets and deferred charges decreased from ?
2.4 million in 2009 to ? 1.5 million at the end of 2010.
Total available cash and cash equivalents decreased from ? 45.8 million in 2009
to ? 28.8 million at the end of 2010, including ? 5.9 million cash restricted in
its us, an increase from ? 5.6 million in 2009. The amount of ? 5.9 million
includes a cash pledge of ? 4.6 million provided as guarantee for an overdraft
facility (working capital) of INR 238 million (? 4.0 million) of which ? 1.5
million has been taken up as per 31 December 2010.
Deferred income amounted to ? 6.9 million at year end 2010 as compared to ?
15.2 million at year end 2009, and is fully related to the cash received in
advance with respect to research and technology agreements.
Outlook 2011
Devgen expects that significant growth of top and bottom line can be achieved in
its seed business in 2011.
Investments in R&D to build the Next Generation of Hybrid Rice, and biotech
traits as well as crop protection and abiotic stress research will be slightly
increased.
Devgen is confident that the company will be able to finance its operations for
the next several years.
Financial calendar 2011
+----------------+-------------------------------------------------------+
| 4 March 2011 | Annual results 2010 |
+----------------+-------------------------------------------------------+
| 16 mei | Business update H1 |
+----------------+-------------------------------------------------------+
| 1 June 2011 | Annual Shareholders' meeting (at Devgen headquarters) |
+----------------+-------------------------------------------------------+
| 29 August 2011 | Semi-annual results 2011 |
+----------------+-------------------------------------------------------+
| 9 November | Business update H2 |
+----------------+-------------------------------------------------------+
About Devgen nv
Devgen's mission is to enable farmers to sustainably grow more food on less
land, with less water, agrochemicals and labour.
Devgen uses advanced biotechnology and molecular breeding technology to make
high yielding seeds and crop protection solutions with a superior environmental
profile. Devgen brings this technology to the market in the world's major food
and feed crops through two complementary strategies:
- licensing Devgen technology for use in corn, cotton and soy and selected
other crops in exchange for R&D funding, and milestone and royalty payments;
- producing and selling its premium hybrid seeds in major field crops such
as rice, sunflower, sorghum, and pearl millet, in the Indian subcontinent and
South-East Asia.
In its Crop Protection unit, Devgen developed an agro-chemical product that
protects crops from damage by parasitic nematodes. This nematicide was launched
in Turkey and in US.
Incorporated in 1997, Devgen has offices in Ghent (Belgium), and has
subsidiaries in Singapore, Hyderabad (India), General Santos (Philippines), and
Delaware (US), totaling about 280 employees.
For more information please contact:
Thierry Bogaert, CEO Wim Goemaere, CFO
Tel. +32 9 324 24 24 Tel. +32 9 324 24 24
Thierry.Bogaert(at)devgen.com Wim.Goemaere(at)devgen.com
Or visit: www.devgen.com
This press release may contain forward-looking statements containing the words
"anticipates", "expects" , "intends", "plans", "estimates", "may" and
"continues" as well as similar expressions. Such forward looking statements may
involve known and unknown risks, uncertainties and other factors which might
cause the actual results, performance or achievements of Devgen to be materially
different from any future results or achievements expressed or implied by such
forward-looking statements. Factors that could cause or contribute to such
differences include, among others: agricultural risks and difficulties,
including weather factors, diseases and pests, the costs and requirements of
regulatory compliance and the speed with which approvals are received; public
acceptance of biotechnology products; political, economic and social
developments in countries where Devgen operates and other risks and factors
detailed in the company's most recent annual report.
These forward looking statements speak only as of the date of publication of
this document. Devgen disclaims any obligation to update such forward looking
statements in this document to reflect any change in its expectations,
conditions or circumstances on which such statement is based, unless required by
law or regulation. This document does not constitute, or form part of, any offer
or invitation to sell or issue, or any solicitation of any offer, to purchase or
subscribe for any securities issued by Devgen NV.
--------------------------------------------------------------------------------
[1] In 2009 Devgen updated the Research & Technology Agreement with Monsanto
Company that resulted in the payment of ? 20.0 million in cash for Devgen. This
cash is recognized in revenues over a period of 30 months, being the remaining
period of the initial contract.
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Datum: 04.03.2011 - 07:01 Uhr
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