DGAP-News: SYGNIS AG: SYGNIS reports nine month results for the period ended 30 September 2013
(firmenpresse) - DGAP-News: SYGNIS AG / Key word(s): Quarter Results
SYGNIS AG: SYGNIS reports nine month results for the period ended 30
September 2013
14.11.2013 / 10:19
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Press Release
SYGNIS reports nine month results for the period ended 30 September 2013
* Operating result improved by 65%
* Significant decrease of expenses by 46%
* New funds of EUR2.7 million raised
* Registration of Capital increase completed
Madrid/Heidelberg, 14 November 2013 - SYGNIS AG (Frankfurt: LIO1; ISIN:
DE000A1RFM03; Prime Standard) today reported results for the first nine
months ended 30 September 2013. Due to the business combination completed
in December 2012, the new SYGNIS includes the total income and expenses of
X-Pol and old SYGNIS for 9M 2013 and only those of X-Pol in the prior-year
period, due to accounting requirements based on the reverse acquisition.
Thus the comparability of the financial results reported for the first nine
months 2013 with the corresponding prior-year data is very limited.
Adjusted for this effect, i.e. assuming that the income and expenses of
both parts of the business would have been fully taken into account already
in 9M 2012, the pro forma comparison of periods shows that cost savings
measures have led to a significant decrease in total costs and expenses by
46% to EUR3.2 million (pro forma 9M 2012: EUR5.9 million). Excluding
non-recurring expenses of EUR0.5 million, the decrease of expenses would
have been more than 50%. Revenues remained at EUR0.4 million and the
operating result (EBIT) improved by 65% to -EUR2.8 million (pro forma 9M
2012: -EUR8.1 million).
In the first nine months of 2013, the reported loss for the period was
-EUR2.8 million (previous year: -EUR1.8 million). Operating expenses for
the first nine months totaled EUR3.2 million (previous year: EUR0.9
million).
In the first nine months of the current fiscal year, the liquidity level
decreased overall by EUR0.5 million to EUR0.1 million. The cash need during
the nine months period was mainly covered by a shareholder loan of EUR0.7
million and a new investor loan of EUR0.6 million granted in March 2013 and
July 2013 respectively.
At the beginning of July 2013 SYGNIS was granted a new loan for a total
amount of EUR0.6 million by a group of international investors. The loan
amount was fully paid out at the end of September 2013.
At the Annual General Meeting of SYGNIS held end of August 2013
shareholders representing about 94% of the capital approved all proposals
of the Management. Main decisions were related to the discharge of the
members of the Supervisory and the Management Board for the past Fiscal
Year, the election of new members of the Supervisory Board, the change of
the trade name of the Company, as well as the creation of new authorised
capital.
In addition, the Management Board, with the approval of the Supervisory
Board, has resolved to increase the Company's share capital by issuing new
shares. The Company successfully completed a rights offering and private
placement in October 2013. Upon registration of the capital increase with
the Commercial Register ('Handelsregister'), the Company's share capital
increased from EUR 9,364,258.00 to EUR 10,383,567.00 by issuing 1,019,309
new shares. SYGNIS raised gross proceeds of EUR2.7 million with this
transaction.
Pilar de la Huerta, CEO / CFO, commented: 'In the past three months the
company achieved important operational and financial milestones. Following
our loan agreements with shareholders and new investors and a successful
rights offering and private placement in October, the Company now is well
financed to meet major milestones in 2014 and beyond.'
Outlook
In the remaining quarter of the current fiscal year, SYGNIS expects first
revenues from product sales. Due to the current operating expenses and
extraordinary burdens from restructuring measures, the fiscal year 2013
will still show a loss. However, the Company assumes that the implemented
cost saving measures will continue to have significant effects in the
remaining quarter. With the additional funds from the capital increase just
completed, on the basis of the current business plan assumptions the
Company assumes that financing is given until break-even, which is planned
at the end of fiscal year 2014.
Figures for the nine months ended 30 September 2013 and comparative figures
in accordance with IFRS and pro forma figures (9M 2012 pro forma
information includes SYGNIS old and X-Pol)
[Numbers in EUR million] 9M 2013 9M 2012 pro forma 9M 2012
Revenues 0.4 0.4 0.2
Total Expenses -3.2 -5.9 -0.9
Impairment of assets 0.0 -2.5 -1.1
EBIT -2.8 -8.1 -1.8
Net results for the period -2.8 -0.1 -1.8
Operating Cash Flow -2.1 -4.7 -0.5
Liquidity as of 30 September 0.1 2.1 0.2
The interim report for the first nine months, ended 30 September 2013, is
available at www.sygnis.de.
For further information please contact:
SYGNIS AG
Pilar de la Huerta, CEO/CFO
Tel: +34-918063089
Email: pdelahuerta(at)sygnis.es
About SYGNIS AG: www.sygnis.com
After the merger in 2012 between X-Pol Biotech, specialising in DNA
amplification and sequencing, and SYGNIS AG, listed in the German Stock
Exchange (Prime Standard segment, Tick: LIO1; ISIN: DE000A1RFM03), SYGNIS'
new mission is to develop and distribute technologies and products from
X-Pol, which has a commercial product in the DNA amplification segment,
QualiPhi(R) and is currently developing other products in the field of Next
Generation Sequencing.
.
### Disclaimer
Some statements included in this press release, relating neither to proven
financial results nor other historical data, should be viewed as
forward-looking, i.e. not definite. Such statements are mainly predictions
of future results, trends, plans or goals. These statements should not be
considered to be total guarantees since given their very nature they are
subject to known and unknown risks and imponderability and can be affected
by other factors as a consequence of which the actual results, plans and
goals of SYGNIS AG may deviate greatly from the established conclusions or
implied predictions contained in such statements. SYGNIS does not undertake
to publicly update or revise these statements in the light of new
information or future results or for any other reason. ###
End of Corporate News
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Language: English
Company: SYGNIS AG
Im Neuenheimer Feld 515
69120 Heidelberg
Germany
Phone: 06221 454-6Fax: 06221 454-700
E-mail: contact(at)sygnis.de
Internet: www.sygnis.de
ISIN: DE000A1RFM03
WKN: A1RFM0
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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