DGAP-News: Sanochemia Pharmazeutika AG results clearly positive in H1 2010/2011:
(firmenpresse) - DGAP-News: Sanochemia Pharmazeutika AG / Key word(s): Half Year
Results
Sanochemia Pharmazeutika AG results clearly positive in H1 2010/2011:
24.05.2011 / 08:00
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Sanochemia results clearly positive in H1 2010/2011:
- EBIT up from nearly zero to EUR 1.9m / Net result EUR 0.8m
- Positive operating cash flow of EUR 2.4m
- Outlook: Objective remains bottom-line profitability for full year
Vienna, 24.5.2011 - Sanochemia Pharmazeutika AG, Vienna, listed in the
regulated market (General Standard) of the Frankfurt Stock Exchange and in
the Third Market of the Vienna Stock Exchange (ISIN AT0000776307), today
announces its final results for the first half of its 2010/2011 (1 October
2010 to 31 March 2011) financial year.
The successful first half highlights that the Company has been able to
sustainably return to profitability and has either reached or even exceeded
(in the case of EBIT) all of its financial targets, namely a marked
increase in all financial KPIs. The firm implementation of lean cost
management, continuous process improvements and earnings-oriented sales
activities throughout the entire Group have culminated in these positive
results. Further highlights in the course of the reporting period include
the conclusion of important sales partnerships and high-volume orders from
the Company's target markets. Besides these achievements, a planned
clinical Phase IIb trial is due to startín the near future for the product
candidate Vidon(R) (bladder cancer diagnostic). Vidon(R) is a patented
photoactive API for diagnostic use which enables suspicious tumours to be
identified earlier and more clearly than in the past - key to their being
more thoroughly removed during surgery. Sanochemia aims to pursue further
clinical development with a partner and is confident of tapping significant
market potential.
All KPIs significantly higher:
Compared to the corresponding period of the prior year, Sanochemia
increased consolidated sales revenues by 19% to TEUR 16,351, with operating
performance rising to TEUR 18,125 (PY: TEUR 15,436). The main revenue
drivers were imaging agents and pharmaceuticals from the Human
Pharmaceuticals segment as well as APIs from the Synthesis segment. Alvetra&Werfft GmbH was consolidated as the new Veterinary Pharmaceuticals
segment for the first time and also played its part in these top-line
results.
Earnings before interest, tax, depreciation and amortisation (EBITDA)
nearly doubled compared to the prior year to TEUR 3,578 (PY: TEUR 1,994).
Operating expenses rose only marginally, by 5%, due to the higher other
operating expenses, and consequently led to an increase in earnings before
interest and tax. EBIT was higher than forecast at TEUR 1,907 (PY: TEUR
70), representing the highest level for six years.
Despite the last financial expenditure arising out of the investment in
AlcaSynn Pharmaceuticals GmbH (in Q1 2010/2011), at TEUR minus 529 the
financial result was only marginally lower than in the comparable period of
the prior year (TEUR minus 405).
On the basis of the above factors, earnings before tax (EBT) were positive
at TEUR 1,378 (PY: TEUR minus 405). Following tax expenditure of TEUR 542
(PY: TEUR 15), earnings for the period amounted to TEUR 836 (PY: TEUR minus
420) - equivalent to earnings per share of EUR 0.07 (PY: minus EUR 0.04).
Earnings and asset positions:
In terms of assets, the recognised value of current assets in particular
rose, to TEUR 20,344 (PY: TEUR 15,884), due to higher inventories and as a
result of considerably higher accounts receivable - trade. The value of
current liabilities rose to TEUR 20,000 (PY: TEUR 16,069) due to the
acquisition of Alvetra&Werfft GmbH. The provisional enterprise value of
Alvetra, established by a legally certified expert, amounts to around EUR
5m. The capital increase in the form of a non-cash contribution had not
been transacted on the balance sheet date, meaning that this transaction
was recognised as a current liability. The value of liquid assets (cash,
cash deposits and securities held for sale) was somewhat higher than in the
prior year at TEUR 1,281 (TEUR 959). Operating cash flow almost tripled
during the period under review, rising to TEUR 2,374 (PY: TEUR 873). The
equity ratio of nearly 60% remains at a comparatively high level.
Segment reporting:
All operating segments positive
The stable sales revenues of the Human Pharmaceuticals segment are due to
the structural changes and higher expenditures for registrations in the
weak first quarter. The second quarter progressed well, in line with
expectations, due to the increase in exports to generate considerably
higher sales revenues of TEUR 4,636 and boost segment revenues for the
first half to TEUR 7,603 (PY: TEUR 7,565). EBIT developed similarly, rising
four-fold in a quarter-on-quarter comparison to yield a half-yield result
of TEUR 464 (PY: TEUR 806).
An exceptionally strong second quarter in the Production segment, with
revenues of TEUR 6,208, accounted for a 31% increase during the period
under review to TEUR 11,451 (PY: TEUR 8,534). This enabled higher EBIT of
TEUR 2,975 (PY: TEUR 422) to be achieved. The volatility associated with
production batches regularly leads to cyclical developments in the
individual quarters which have had an extremely positive impact on these
half-year results and which could be less significant in the second half of
the 2010/2011 financial year due to lower order volumes. For this reason,
quarterly figures often distort the true performance of the Production
segment; figures which should ideally be considered on an annual basis.
The Research&Development segment generated revenues of TEUR 35 (PY: TEUR
372 as a result of a licensing agreement payment). Due to higher expenses
associated with ongoing clinical trials not eligible to be recognised as
capitalised development costs, the segment result amounted to TEUR minus
873 (PY: TEUR minus 290).
Veterinary Pharmaceuticals: Following the acquisition of Alvetra&Werfft
GmbH, the first-time consolidation of this new segment recognised sales
revenues for three months of TEUR 1,743 and positive EBIT in the amount of
TEUR 163. Besides the regular additional earnings, the main advantage for
Sanochemia of the Alvetra acquisition lies in the synergy effects arising
out of the existing sales organisation, mainly in CEE markets, as well as
synergies in the area of drug development.
Outlook for 2011: Sales revenue growth and sustainable results
The global marketing of imaging agents in conjunction with strong sales
partners, as well as the international regulatory strategy, are currently
the main focus of activities. Within a year, Sanochemia expects to achieve
high double-digit growth in its new markets as a result of higher sales
volumes. The advantages of in-house API development and production as well
as sustainable improvements in terms of the cost structure will lead to
further increases in margins. Furthermore, Sanochemia's market position
will be bolstered by the acquisition of Alvetra&Werfft GmbH given its
sales volume of around EUR 7m p.a. and positive EBIT contributions.
Value-generating innovations from in-house R&D are the keys to future
products and, therefore, to the long-term success of the Group.
Financial outlook
As the successful first half-year of the 2010/2011 financial period has
highlighted, the Group is again on track towards sustainable profitability.
The current outlook is such that Sanochemia expects to boost sales revenues
for the full 2010/2011 financial year to around EUR 33m and to achieve a
clearly positive operating result. The Board of Management aims to generate
sales revenues of EUR 40m in the 2011/2012 financial year. Given its
clearly defined growth strategy and the focus on pharmerging markets, the
Group regards itself as being well positioned to meet these ambitious
targets.
The results, including the segment reporting, for the first half-year of
2010/2011 will be published today, 24 May 2011, on the Company's website.
Sanochemia will also be holding a conference call at 10:30 today.
Participant pass code: 265653#
Tel. number:
Local - Austria, Vienna: +43 (0)1 928 77 86
Local - Germany, Frankfurt: +49 (0)69 380 98 910
Switzerland: +41 (0)44 58 07 522
For further information please contact:
Margarita Hoch, Investor Relations
Tel.: +43 / 1 / 3191456 / 335
m.hoch(at)sanochemia.at
www.sanochemia.at
End of Corporate News
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24.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Sanochemia Pharmazeutika AG
Boltzmanngasse 9a - 11
A-1091 WienÖsterreich
Phone: +43 (1) 319 14 56-0
Fax: +43 (1) 319 14 56-44
E-mail: office(at)sanochemia.at
Internet: www.sanochemia.at
ISIN: AT0000776307
WKN: 919963
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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125860 24.05.2011
Datum: 24.05.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 34182
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