GENEART Ploughs Back Accumulated Profit for Further Company Growth>
GENEART Ploughs Back Accumulated Profit for Further Company Growth
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ - Plough back of accumulated profit of EUR 1.8M resolved- Additional liquidity available to continue company growth- GENEART satisfied with robust business performance in 2009- New structure of board of directors presentedRegensburg, July 16, 2009 - During today's annual general meeting ofGENEART AG, global leader in gene synthesis and specialist in thefield of Synthetic Biology, shareholders resolved with a largemajority to plough back and carry forward the accumulated profit ofEUR 1,819,248.42. GENEART AG's net profit for the 2008 fiscal yearwas EUR 0.73M. The group's net profit (IFRS) totaled EUR 0.67M withnet sales of EUR 15.7M. GENEART will utilize the retained liquidityfor further company growth. In addition to the resolution on theappropriation of profits, the shareholders also approved all otheragenda items including the discharge of the board of directors andsupervisory board, the appointment of auditors for 2009 andanticipatory resolutions for the amendment of the company's articlesof association regarding the intended act on the implementation ofthe shareholder guidelines ("ARUG").GENEART AG's entire new board of directors answered all shareholders'questions and was available for discussions. Daniel Seibert, the newCFO, responsible for Controlling & Accounting, Investor Relations,Human Resources and Procurement, joined the management team aroundProf. Dr. Ralf Wagner (CEO and Chief Scientific Officer) last month.The management team had already been complemented in May 2009 by Dr.Marcus Graf, co-founder of the company and new Chief OperatingOfficer, and Bernd Merkl as new Chief Business Officer.Considering the difficult economic environment GENEART AG's board ofdirectors expressed its overall satisfaction with the 2009 businessperformance so far in its annual general meeting. Daniel Seibert:"The new level of automation and miniaturization, which was reachedin particular in 2008, led to a significant and sustained reductionin production costs. GENEART's powerful team created an excellentbasis to expand its position as market leader and to fashion themarket consolidation in a leading position. In addition, we must notforget that gene synthesis opens up potential for multifacetedapplications, and is only in its early stages, when measured by itseconomic impact for the pharmaceutical, biotech and consumerindustries,"In 2008 GENEART succeeded in continuing along the same path thecompany has treaded from its foundation in 1999 to its advancement tothe world market leader in gene synthesis. This allowed GENEART toexpand its capacities again, to further increase the level ofautomation and miniaturization, and thus, to extend its marketposition as well as its technology leadership. So far, GENEART issatisfied with the order development of small and mid-sized customersthis year. Only recently a supply contract was negotiated with theMax Planck Institute and an exclusive framework contract wasfinalized with Actelion. In this segment an unchanged course forgrowth could be followed. However, major contracts in the magnitudeof EUR 500 thousand, like the NIH order in the years 2007 and 2008,still fail to materialize, and therefore make planning moredifficult.Keeping this in mind, the company expects net sales to reach at leastprevious year's levels of EUR 16M. Assuming an improved marketsituation in the second half of the year and provided furtherstrategic measures for the further consolidation of the market, netsales of EUR 17M to 18M and a balanced EBIT can be achieved.For further inquiries, please contact:Dr. Karoline StürmerGENEART AGJosef-Engert-Str. 1193053 RegensburgGermanyPhone: +49-(0)941-942 76-417Fax: +49-(0)941-942 76-711ir(at)geneart.comwww.geneart.comFrank OstermairBetter Orange IR & HV AGHaidelweg 4881241 MunichGermanyPhone: +49-(0)89-8896906-10Fax: +49-(0)89-8896906-66info(at)better-orange.dewww.better-orange.deLegal Information:This document may contain estimates, prognoses and opinions aboutcompany plans and objectives, products or services, future results,opinions about these results or opinions leading up to these results.All these projections into the future are subject to risk,uncertainty and unforeseeable change outside the control of theGENEART Group. Many factors may lead to actual results, whichconsiderably deviate from the given projections for these results.About GENEART AG:In 2000, GENEART entered the gene synthesis market and has sincebecome the global market leader. Today, the company is one of theleading specialists in the Synthetic Biology field. Experts atGENEART provide key technologies for the development and productionof new therapeutics and vaccines. Customers also take advantage ofGENEART services to customize enzyme attributes, such as theattributes of enzymes used as detergent additives, and to constructbacteria, which produce complex biopolymers or break down polymers,such as synthetics, petroleum components, etc. Our production andservice spectrum spans a wide range, from the production of syntheticgenes according to DIN EN ISO 9001:2000, to the creation of genelibraries in the combinatorial biology, to the development andproduction of DNA-based biologically active substances. GENEART AG inRegensburg (Germany) and the subsidiaries GENEART Inc. in Toronto(Canada) and GENEART Inc. in San Francisco (USA) employ more than 190people. GENEART is listed on the German Stock Exchange.http://hugin.info/136633/R/1329388/313804.pdf --- End of Message ---Geneart AGJosef-Engert-Str.11 Regensburg GermanyWKN: A0JJ4L; ISIN: DE000A0JJ4L4; Listed: Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Berlin, Open Market in Frankfurter Wertpapierbörse, Freiverkehr in Börse Stuttgart;
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