ESPERITE (ESP) financial results for 2016 published
(Thomson Reuters ONE) -
Zutphen, the Netherlands - 23 May 2017
ESPERITE N.V. (Euronext: ESP, "Esperite" or "the Group") has published today its
Annual Report for the year ended 31 December 2016. The 2016 Annual Report is now
available on the Company's website www.esperite.com.
* CryoSave's EBITDA improved from ? -2.5 million to ? -0.7 million.
* Genoma's autonomous revenue increased by 80% up to a level of ? 6.9 million.
* Esperite's consolidated revenue decreased by 4.5% to ? 26.3 million.
* Consolidated revenues were lower than expected but the gross margin is
stable and gross profit increased by 2.3%.
Financial Review
Key financials for 2016
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2016 2015
?m ?m
-------------------------------------------------------------------------------
Revenue 26.3 27.5
Gross profit 14.7 14.7
Marketing and sales expenses 8.9 9.6
Research and development expenses - 0.2
General and administrative expenses(1) 10.8 9.8
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EBITDA -5.0 -4.9
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Depreciation 1.5 1.4
Amortization 1.4 1.2
Impairment loss(2) 1.0 -
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Operating result -8.9 -7.5
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1 General and administrative expenses do not include depreciation,
amortization and impairments.
2. Impairment loss relates to trade marks.
Revenue
Group revenue decreased by ? 1.2 million at ? 26.3 million. On one hand the
sales for Genoma increased by ? 3.1 million where Stem Cell decreased by ? 4.8
million. Revenue relating to the segment Other increased by ? 0.5 million.
The number of new cord blood samples stored for the year 2016 amounted to
11,500 (2015: 14,300), whilst the number of new cord tissue samples stored was
8,700 (2015: 10,200), resulting in 20,200 new samples stored in 2016 (2015:
24,500). The percentage of cord tissue expressed in the number of cord tissue
increased from 71% in 2015 to 75% in 2016. The increased conversion rate
indicated that the interest for the combined service keeps increasing.
In the second half of 2016 changes have been made in the commercial teams of
several countries as well as in the market approach. Due to these changes and
the later than expected financing arrangement, market development was impacted
by these reasons.
Geographical information
In presenting information on the basis of geographical information, revenue per
country is based on the geographical location of the customers. Non-current
assets, other than financial instruments and deferred tax assets are based on
the geographical location of the assets.
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Revenue Non-current assets
-----------------------------------
2016 2015 2016 2015
?m ?m ?m ?m
-----------------------------------------------------
Spain 4.4 5.6 0.1 0.1
Italy 6.5 5.5 - -
Other countries 15.4 16.4 29.2 31.3
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Total 26.3 27.5 29.3 31.4
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Gross profit and gross profit margin
Although lower revenue, gross margin was stable at ? 14.7 million (2015: ?14.7
million). The gross profit margin increased by 2.3 percentage points to 55.9%.
The increased margin is mainly the result of Genoma enhanced occupation rate
regarding the laboratory facilities as a result of increased sales by operating
in a mature market. For Stem Cell the changed country mix had also a positive
impact on the gross margin. The Group faced price pressure regarding the Genoma
segment. For the Stem Cell segment price remained stable.
Operating expenses
----------------------------------------------------
2016 2015
?m ?m
----------------------------------------------------
Marketing and sales expenses 8.9 9.6
Research and development expenses - 0.2
General and administrative expenses 10.8 9.8
----------------------------------------------------
Total 19.7 19.6
----------------------------------------------------
Total operating expenses remained stable at ? 19.7. The decrease in marketing
and sales expenses mainly relates to the new commercial approach. The number of
employees in marketing and sales decreased after a revision of the teams in the
countries. In 2016 all cost in research and development were capitalized. These
costs mainly relate to product development and IT. General and administrative
expenses increased. On one hand the cost regarding the processing facilities of
Genoma increased due to higher sales. On the other hand cost regarding the
processing facilities in Stem Cell decreased. In 2016 the Stem Cell processing
facilities were all centralized in 2016 in Geneva. This had a positive impact on
the EBITDA of the Stem Cell segment..
Operating result
Operating result amounted to ?-8.9 million (2015: ?-7.5 million). The decrease
is due to an impairment loss recognized amounting to ? 1.0 million (2015: ? 0
million). Although revenue decreased and operating result is still negative the
quality of the operating result has improved. Cost control and increased gross
margin are the main pillars in this respect.
Depreciation amounted to ?1.5 million (2015: ?1.4 million), and amortization
amounted to ?1.4 million (2015: ?1.2 million).
The impairment relates to brands which have been acquired by business
combinations but are not the primary brand used by the group in those countries.
Net finance cost/income
Net finance result decreased to ?-0.6 million (2015: ?-0.3 million). The income
regarding interest on payment plans remained stable. The interest on the
convertible loans increased because this year there was a full year impact
compared to 2015.
Result before taxation
The result before taxation amounted to ? -9.7 million (2015: ? -8.1 million).
Result for the period
The result after taxation was ? -8.5 million (2015: ? -7.2 million).
Cash flow
Net cash from operating activities amounted to ? 0.9 million (2015: ?-0.2
million). Due to the improved operational result and due to further improved
working capital management the Group was able to achieve better net cash from
operations.
Investments in property, plant and equipment amounting to ? 0.4 million (2015: ?
1.7 million) mainly relate to laboratory equipment. Investments in intangible
assets ?1.0 million (2015: ? 0.6 million) mainly relate to capitalized internal
generated cost for development activities and software development.
The financing cash flow amounted to ?-0.1 million (2015: ? 1.8 million). The
cash outflow consisted of the repayment on the sales and lease back agreement
regarding the property in Niel.
As at 31 December 2016, Esperite had a cash position amounting to ? 0.9 million
(31 December 2015: ? 1.4 million).
Consolidated balance sheet
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2016 2015 Variance
?m ?m ?m
---------------------------------------------------------
Total non-current assets 32.9 34.6 (1.7)
Total current assets 9.6 13.6 (4.0)
Total equity 6.7 15.3 (8.6)
Total non-current liabilities 19.4 19.1 0.3
Total current liabilities 16.4 13.8 2.6
---------------------------------------------------------
Total non-current assets
The variance in non-current assets mainly relates to the impairment recognized
regarding trademarks and also regular depreciation in combination with limited
investments. The deferred tax asset increased as a result of carried forward
losses regarding Stem Cell and Genoma.
Total current assets
Current trade and other receivables decreased by ? 4.0 million mainly due to a
decrease of the sales relating to Stem Cell.
Cash and cash equivalents amounted at the end of the year to ?0.9 million (2015:
?1.4 million).
Total equity
Total equity decreased by ? 8.6 million to ? 6.7 million, mainly due to the loss
for the period amounting to ? 8.5 million. Other items relate to the issuance of
capital amounting to ?0.2 and other comprehensive income items regarding
pensions amounting ? 0.2 million.
Total non-current liabilities
Total non-current liabilities remained stable amounting to ? 19.4 million at 31
December 2016 (31 December 2015: ?19.1 million).
Total current liabilities
Total current liabilities increased by ? 2.6 million from ? 13.8 million to ?
16.4 million at 31 December 2016. The increase was mainly caused by working
capital management.
Events after the reporting period
After 31 December 2016 the following subsequent events occurred which are
relevant to the understanding of this financial review:
* The Company concluded a new financing arrangement of up to ? 13 million to
support its commercial activity and development of innovative technologies
for predictive and regenerative medicine.
* On 4 May 2017 Genoma SA, a subsidiary of the Company, was filed for
bankruptcy due to outstanding amounts to its supplier Premaitha. Genoma SA
appealed against this filing. Genoma SA also prepares a counter claim
against Premaitha.
* The Company had to publish and simultaneously file it annual financial
reports with the Autoriteit Financiële Markten (AFM) within four months
after the end of the financial year. The Company did not fulfill this
requirement.
Going concern disclosure
General:
As per 31 December 2016, the Company had ? 0.9 million cash and cash equivalents
of which ? 0.5 million was provided as collateral for a bank guarantee. In order
to execute on the new strategy of the Company, Management acknowledges that the
free available cash is not sufficient at the moment.
Following the important declining trend in the working capital position of the
Company in 2016, additional information and insights are disclosed in this
paragraph to support the going concern assumption as applied in the financial
statements for the year ended 2016.
The company is highly dependent on additional financing, seeing the development
in 2016 and as the EBITDA is expected to be negative in 2017, to consolidate the
existing business and accelerate its development for the benefit of its present
and future shareholders. During 2016 the Company foresaw a future working
capital need which was announced in August 2016.Working capital as per 31
December 2015 was slightly negative and significantly decreased further as per
31 December 2016. EBITDA remained negative over 2016 and as a result the quick
ratio became less than 1.0. Nevertheless operating cash flow in 2015 was almost
break-even and in 2016 operating cash flow was positive as a result of working
capital management.
To finance the foreseen working capital needs and further investments the
Company announced in March 2017 an equity line financing amounting to maximum ?
13 million. Of this amount ? 1 million was received so far, while further
amounts are still depending on meeting certain conditions which are not yet
certain.
Business developments Stem Cell and Genoma 2016:
The operating segment StemCell, which operates under the brand names CryoSave
and Salveo, continued to suffer of macro-economic headwinds in the main
countries of its operations, fierce competition, price pressure and temporary
regulatory blocks in several countries. The decrease of volume affected the
occupancy rate in the processing and storage facilities and as a consequence
increased the costs per sample. Together with the relatively high operational
expenses, this adversely affected the financial performance of Stem Cell. The
Company expects to make the Stem Cell operating segment EBITDA positive in the
course of 2017. The accumulated EBITDA for 2017 is expected to be negative. Next
to the expected trend in increased revenues during 2017 the company achieved the
following main results of the project Galaxy:
* The lab facilities in Niel (Belgium) and Geneva (Switzerland) are completely
integrated since early 2016. This integration results in more efficient
processing with a lower cost per processed sample for 2016 and onwards.
* Because of the increased activities of Genoma the stronger purchasing power
of the Company has been applied with several suppliers. The results of the
improved purchase power impacted the results as from 2016.
In 2015 the Genoma laboratory has been opened to perform most of Genoma tests in
house. In addition, the acquisition of InKaryo to develop the Company
proprietary technology, supported the best possible quality of service. During
2015 investments have been made to validate the InKaryo technology with the goal
to develop a standalone platform. Thanks to the InKaryo technology, Genoma was
able to act independently during 2016, which decreased the cost of processing
samples.
During the Annual General Meeting 2016 the new EKA project was introduced. With
this EKA technology larger labs and hospitals are able to perform part of the
test in-house. The digital files as a result of the inhouse test will be sent to
Genoma and analyzed with the technology of Genoma. In this way Genoma is able to
scale their capacity. To control the process Genoma will deliver the equipment
and consumables by entering into long term contracts with the users of this
solution. First contracts have been signed and the appetite in the market is
positive, but there is a high uncertainty regarding the projected results
regarding the EKA project, seeing the early stage of the new business and as it
needs to prove itself,
It is expected that the Genoma business in its new configuration being the
combination of processing in its own lab facilities in Geneva and the in-house
testing by larger labs and hospitals will become EBITDA positive in the course
of 2017. The accumulated EBITDA for 2017 is still expected to be negative.
Due to changes in management of certain countries, unforeseen market
circumstances and internal restructuring of processes and structure, budgets and
forecasts have significantly not been met in 2016 and prior years. Management
put extensive efforts into evaluating earlier differences between budgets and
actuals and in creating the new forecasts also taking into account its most
recent assessment of market developments to be expected. The budgets and
forecasts underlying the going concern assessment anticipate a decrease of the
Stem Cell and Genoma business for 2017 compared to 2016, not taken into account
the revenue expected from EKA technology. In the second half of 2017 the
business is expected to significantly grow strong month-to-month due to effects
of the market development. Management anticipates a further recovery of the
profitability in Stem Cells and to substantially improve the results of Genoma
during 2017. Management has confidence to meet those expectations.
This outcome however is uncertain as a major part of the anticipated revenues
are not yet confirmed and underlying external market development information is
at worldwide level and not disaggregated to expectations to the countries in
which the Group is active and therefore is only to a certain extent
representative. Furthermore in order to stop the declining trend in revenue and
stabilize its overall performance the Company plans to use the new financing
arrangement to support its commercial activity and development of innovative
technologies for predictive medicine and regenerative medicine. This outcome
however is uncertain as the (timely) availability of liquidity is, as
aforementioned, dependent on the issuing of consecutive tranches under the new
financing arrangement which are still conditional and a major part of the
anticipated revenues are not yet confirmed.
Management also refers to note 20 in the financial statements on Intangible
Assets and impairment testing (including capitalized development costs) and to
note 24 Deferred tax assets and liabilities which describes the impact of the
aforementioned uncertainties on the going concern assumption and the valuation
of these balance sheet items.
Financing:
In March 2017, the Company concluded a new financing arrangement of up to ? 9
million (max of ? 13 million in case certain additional conditions are met) to
support its commercial activity and development of innovative technologies for
predictive medicine and regenerative medicine. The investor is European Select
Growth Opportunities Fund, a fund based in Australia and managed by L1 Capital
Pty Ltd.
The financing arrangement consists of a private placement of ? 1 million
launched on 8 March 2017 through the issuance of convertible notes with share
subscription warrants attached. Furthermore, this financing arrangement consist
of a maximum additional potential financing of up to ? 8 million through similar
further private placements of convertible notes with share subscription warrants
attached over the next 36 months, subject to fulfilment of certain conditions:
* The Issuer has at least:
* (i) 2 times coverage of shares available for issuance to the Investor upon
conversion of the amount of Notes of the Tranche to be issued (increased by
the amount of any other outstanding Notes) plus
(ii) 1 time coverage of shares available for issuance to the Investor upon
exercise of the number of Warrants to be issued.
* Post subscription of the Tranche being requested by the Issuer, the Investor
shall not hold more than ? 750 thousand of principal amount of Notes (except
in the specific case of the first Tranche).
* Both the closing price and the daily volume weighted average price of the
share on each of the 5 preceding trading days must be of at least ? 0.70.
* The average daily value traded of the share over the 10 preceding trading
days must be of at least ? 20 thousand.
* No material adverse change or event of default under the Issuance Agreement
shall have occurred. In the agreement material adverse change means an event
or circumstance that constitutes a material adverse change in the assets or
financial situation of the Issuer, provided that any such change will be
deemed materially adverse only if it has or is reasonably likely to have a
net adverse impact on the assets or financial situation of the Issuer in
excess of ? 7 million.
Such conditions may be waived by the Investor at its sole discretion. Upon the
exercise of all share subscription warrants, the total investment can reach ?
13 million. During the extraordinary general meeting on Friday 21 April 2017 the
shareholders approved the issuance of further tranches of convertible notes with
share subscription warrants attached.
Meeting the above specified conditions is uncertain and therefore also the
availability of the additional funding is still uncertain. Although the share
price has been below ? 0.70 management is confident that the conditions will be
met as a result of management's belief in the expected future growth and
improved results of the company as described above.
Based on current expectations the Company expects to subscribe for an amount of
? 5.5 million until June 2018.
Genoma SA
On the 4th of May 2017 Genoma SA, a subsidiary of the Company, was filed for
bankruptcy due to outstanding amounts to its supplier Premaitha. Genoma SA and
Premaitha concluded an agreement on March 15th 2015 for the supply of the
genetic test Iona.
Genoma SA was forced to discontinue using the Premaitha Iona test some weeks
after the serious legal claim against Premaitha's technology by Illumina (Patent
Infringement). Premaitha has not been able to demonstrate that the Iona test
doesn't infringe Illumina's patents.
Genoma SA blocked payments to Premaitha, a total of ? 900 thousand for several
reasons:
* A considerable amount has been claimed for failure in the supply;
* Illumina sued Genoma SA for patent infringement because of the use of
Premaitha's Iona;
* Premaitha never offered valid support for defense despite they were selling
a patent infringing product.
The British supplier sent several summons for payment and finally obtained a
court decision ruling for the bankruptcy of Genoma SA officially on 4 May 2017.
The official register was updated on 9 May 2017.
Genoma SA did appeal against this filling based on the above mentioned
arguments. The Company also prepares a counter claim against Premaitha. The
Company has a firm believe that the filing for bankruptcy of Genoma SA will not
affect the ability of the Group to continue its predictive medicine activities.
In the case that Genoma SA is not able to prevent itself from bankruptcy
management expects that the consequences for the business will be limited
because all essential assets, such as intellectual property, are controlled by
other (group) companies. The assets, such as deferred tax assets, other
intangibles, tangible assets, inventories and receivables, controlled by Genoma
SA could be subject to a potential impairment. As per 31 December 2016 the total
assets of Genoma SA amounted to ? 5.2 million (including ? 1.3 million of
tangible assets).
Patent infringement:
On 21 April 2016 the Group took notice of a press release issued by Illumina
Inc. and its wholly-owned subsidiary Verinata Health Inc., that these companies
have filed a patent infringement suit against Genoma SA, in the Federal Patent
Court in Switzerland. The patents asserted are European Patent (CH) 2 183 693
B1, European Patent (CH) 0 994 963 B2, European Patent (CH) 1 981 995 B1, and
European Patent (CH) 2 514 842. The patents are directed to using cell-free
fetal DNA for non-invasive prenatal testing (NIPT). Based on the currently
available information, Genoma SA's Directors hold a firm belief Genoma SA does
not infringe the patents as claimed by Illumina. At this stage the Group is not
able to determine the exposure and impact on the financial position, if any,
relating to this patent infringement suit.
Conclusion:
The going concern is largely dependent on (i) meeting budgets and cash flow
forecasts, (ii) the extent to which conditions can be met to secure additional
financing under the agreement that was concluded in March 2017, (iii) whether
the bankruptcy of Genoma SA can be reversed and (iv) whether the patent
infringement claim with high risk exposure will manifest. Notwithstanding the
specified uncertainties as described above, Management is of the opinion that
the application of the going concern assumption for the 2016 financial
statements is appropriate, based on the following facts and circumstances:
* The adoption of Genoma products by the market has been proven during 2015
and 2016. There is an increased appetite in the market and new sales are
expected to be added because of the planned investments in market
development.
* The Company concluded a new financing agreement in March 2017 which gives
access to potentially ? 9 million (the total investment can reach ? 13
million if the attached warrants will be exercised) of new capital of which
? 1 million has been received.
* Although current monthly EBITDA is negative and is expected to become
positive on a monthly basis in the second half of 2017, management expects
sufficient liquidity and guarantee facilities to operate the business
without interruption. Management also expects to be able to redeem the
outstanding debts to its main suppliers during 2017 if needed.
In a scenario that future performance and cash flow developments are less
favorable than current business forecasts, Management believes the Company has
the option to attract other external financing to address such adverse
circumstances. As this option is subject to external factors, it is uncertain if
this can be implemented timely.
About ESPERITE
ESPERITE Group (www.esperite.com), listed at Euronext Amsterdam and Paris
(ticker: ESP), established in 2000, is the leading international company in
regenerative and predictive medicine, operational in almost 40 countries with a
network of 6'000 clinics worldwide. ESPERITE serves clients in its state-of-the-
art lab facilities in Switzerland, Belgium, Germany, Dubai, South Africa and
Portugal.
To learn more about the ESPERITE Group, or to book an interview with CEO Mr.
Frédéric Amar: +31 575 548 998 - ir(at)esperite.com or visit the website at
www.esperite.com.
This press release contains inside information as referred to in article 7
paragraph 1 of Regulation (EU) 596/2014 (Market Abuse Regulation)
Consolidated statement of profit or loss
for the year ended 31 December in thousands of euros
-------------------------------------------------------------------------------
2016 2015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Revenue 26.254 27.519
Cost of sales (11.582) (12.768)
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Gross profit 14.672 14.751
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Marketing and sales expenses 8.908 9.586
Research and development expenses 1 189
General and administrative expenses 10.734 9.832
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Total operating expenses 19.643 19.607
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EBITDA (4.971) (4.855)
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Depreciation and amortization (2.944) 2.692)
Impairment loss (987) -
-------------------------------------------------------------------------------
Operating result (8.902) (7.547)
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Finance income 323 437
Finance costs (889) (746)
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Net finance (costs)/income (566) (309)
Results relating to equity-accounted investees (270) (215)
-------------------------------------------------------------------------------
Result before taxation (9.738) (8.071)
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Income tax expense (1.200) (864)
-------------------------------------------------------------------------------
Result for the year (8.538) (7.207)
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Attributable to:
- Equity holders of the Company (8.407) (7.057)
- Non-controlling interest (131) (150)
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Result for the year (8.538) (7.207)
-------------------------------------------------------------------------------
Earnings per share (in euro cents)
- Basic earnings per share (81,2) (69,1)
- Diluted earnings per share (81,2) (69,1)
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income
for the year ended 31 December in thousands of euros
-------------------------------------------------------------------------------
2016 2015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Result for the year (8.538) (7.207)
-------------------------------------------------------------------------------
Other comprehensive income
Other comprehensive income to be reclassified to profit or
loss in subsequent period (net of tax):
Foreign currency translation differences 9 (61)
-------------------------------------------------------------------------------
Net other comprehensive loss to be reclassified to profit 9 (61)
or loss in subsequent periods
-------------------------------------------------------------------------------
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax):
Remeasurement gains (losses) on defined benefit plans (208) (344)
-------------------------------------------------------------------------------
Net other comprehensive loss not to be reclassified to (208) (344)
profit or loss in subsequent periods
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income for the year, net of tax (199) (405)
-------------------------------------------------------------------------------
Total comprehensive income for the year, net of tax (8.737) (7.612)
-------------------------------------------------------------------------------
Attributable to:
- Equity holders of the Company (8.606) (7.462)
- Non-controlling interest (131) (150)
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Total comprehensive income for the year, net of tax (8.737) (7.612)
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Consolidated statement of financial position
at end of year in thousands of euros
----------------------------------------------------------------------
2016 2015
----------------------------------------------------------------------
----------------------------------------------------------------------
Assets
Intangible assets 19.703 21.015
Property, plant and equipment 9.554 10.552
Investments in equity-accounted investees - 79
Deferred tax assets 2.264 1.402
Trade and other receivables 1.417 1.502
----------------------------------------------------------------------
Total non-current assets 32.938 34.550
----------------------------------------------------------------------
Inventories 350 410
Trade and other receivables 8.189 11.641
Current tax assets 93 86
Cash and cash equivalents 910 1.449
----------------------------------------------------------------------
Total current assets 9.542 13.586
----------------------------------------------------------------------
----------------------------------------------------------------------
Total assets 42.480 48.136
----------------------------------------------------------------------
Consolidated statement of financial position
at end of year in thousands of euros
-----------------------------------------------------------------------------
2016 2015
-----------------------------------------------------------------------------
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Equity
Issued capital 1.038 1.021
Share premium 39.880 39.598
Legal reserve 272 266
Revaluation reserve - 75
Translation reserve (1.958) (1.967)
Retained earnings (32.293) (23.603)
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Equity attributable to equity holders of the Company 6.939 15.390
Non-controlling interest (268) (137)
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Total equity 6.671 15.253
-----------------------------------------------------------------------------
Liabilities
Borrowings 5.339 5.449
Provision for negative equity investees 335 265
Deferred revenue 11.790 11.490
Net employee defined benefit liabilities 930 578
Deferred tax liabilities 900 1.235
Other liabilities 75 62
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Total non-current liabilities 19.369 19.079
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Borrowings 235 424
Trade and other payables 15.103 12.107
Deferred revenue 1.029 1.172
Current tax liabilities 73 101
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Total current liabilities 16.440 13.804
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Total liabilities 35.809 32.883
-----------------------------------------------------------------------------
Total equity and liabilities 42.480 48.136
-----------------------------------------------------------------------------
Consolidated statement of changes in equity
in thousands of euros
-----------------------------------------------------------------------------------------------------------
Equity at-
Re- Trans- tributable Non
Issued Share Legal valuation lation Treasury Retained to equity controlling Total
capital premium reserve reserve reserve shares earnings holders of interests equity
the
Company
-----------------------------------------------------------------------------------------------------------
At 1 January 1.021 39.598 - (23.603) 15.390 (137) 15.253
2016 266 75 (1.967)
-----------------------------------------------------------------------------------------------------------
Exchange
differences
on
- - - - 9 - - 9 - 9
translating
foreign
operations
Remeasurement
gains
(losses) on - - - - - - (208) (208) - (208)
defined
benefit plans
-----------------------------------------------------------------------------------------------------------
Other
comprehensive - - - - 9 - (208) (199) - (199)
income
Result for - - - - - - (8.407) (8.407) (131)
the year (8.538)
-----------------------------------------------------------------------------------------------------------
Comprehensive
income for - - - - 9 - (8.615) (8.606) (131) (8.737)
the year
Issued shares 17 366 - - - - (150) 233 - 233
Share based - - - - - - 10 10 - 10
payments
Transaction
costs of - (84) - - - - (4) (88) - (88)
convertible
loan notes.
Utilization
of - - - (75) - - 75 - - -
revaluation
reserve
Other - - 6 - - - (6) - - -
movements
-----------------------------------------------------------------------------------------------------------
At 31 1.038 39.880 - - (32.293) 6.939 (268) 6.671
December 2016 272 (1.958)
-----------------------------------------------------------------------------------------------------------
Consolidated statement of cash flows
for the year ended 31 December in thousands of euros
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2016 2015
-------------------------------------------------------------------------------
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Cash flows from operating activities
Result for the year (8.538) (7.207)
Adjustments for:
Income tax expense (1.200) (864)
Finance costs 889 746
Finance income (323) (437)
(Gain)/loss on sale of disposals of PP&E 2 18
Depreciation and amortization 2.944 2.692
Impairment loss on tangible assets - -
Impairment loss on goodwill - -
Impairment loss on intangible assets 987 -
Share based payment transactions 10 (3)
Results relating to equity-accounted investees 270 215
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(4.959) (4.840)
Movements in working capital
(Increase)/decrease in (non) current trade and other 2.954 (566)
receivables
(Increase)/decrease in inventories 60 31
(Increase)/decrease in current tax assets 461 259
Increase/(decrease) in (non) current liabilities 1.176 4.666
Increase/(decrease) in current tax liabilities 1.391 570
-------------------------------------------------------------------------------
Net cash from operations 1.083 120
Interest paid (471) (746)
Interest received 323 437
Income taxes paid/(received) (31) 8
-------------------------------------------------------------------------------
Net cash from operating activities 904 (181)
-------------------------------------------------------------------------------
Consolidated statement of cash flows
for the year ended 31 December in thousands of euros
-------------------------------------------------------------------------------
2016 2015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Cash flows from investing activities
Acquisition spending - 2
Purchase of property, plant and equipment through - -
acquisitions
Purchase of property, plant and equipment (447) (1.693)
Capitalized internally developed intangibles and (1.015) (649)
purchase of other intangibles
Disposals of non-current assets 76 22
-------------------------------------------------------------------------------
Net cash (used in)/generated by investing activities (1.386) (2.318)
-------------------------------------------------------------------------------
Cash flows from financing activities
Repurchase of own shares - -
Issue shares - 1.200
Payment deferred consideration - -
Proceeds from borrowings - 800
Repayment of borrowings (67) (210)
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Net cash generated by/(used in) financing activities (67) 1.790
Net increase/(decrease) in cash and cash equivalents (548) (709)
Cash and cash equivalents at 1 January 1.449 2.097
Exchange differences on cash and cash equivalents 9 61
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Cash and cash equivalents at 31 December 910 1.449
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ESPERITE PR 2016 Financial Results:
http://hugin.info/143308/R/2106853/799984.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Esperite N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2017 - 07:17 Uhr
Sprache: Deutsch
News-ID 544186
Anzahl Zeichen: 50590
contact information:
Town:
Zutphen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 211 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ESPERITE (ESP) financial results for 2016 published"
steht unter der journalistisch-redaktionellen Verantwortung von
Esperite N.V. (Nachricht senden)
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