WILEX publishes 9-month Financial Report 2014

ENGLISH DEUTSCH
PDF Download
back

 

Munich, 15 October 2014 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FWB) today published its financial report on the first nine months of 2014 (1 December 2013 – 31 August 2014).

The first nine months have been dominated by consolidation and realignment. One important task was adjusting and/or terminating our licence agreements with existing partners and negotiations concerning the out-licensing of WILEX’s portfolio and the ADC technology.

Dr Jan Schmidt-Brand, Spokesman of the Executive Management Board and Chief Financial Officer of WILEX AG, commented: “In recent months we have not only concentrated on the restructuring measures and tailored WILEX to the new strategy but also worked successfully on out-licensing MESUPRON® and the ADC technology. I am absolutely delighted to report that we succeeded in expanding our successful cooperation with Roche. We have adjusted our guidance for the current financial year to reflect various developments.”

Financial results for the first nine months of financial year 2014

The WILEX Group comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH reports consolidated figures and on three segments Cx – Customer Specific Research, DX – Diagnostics and Rx – Therapeutics.

In the first nine months of the 2014 financial year, the WILEX Group generated sales revenue and income totalling EUR 6.1 million, down 46% on the previous year (EUR 11.4 million). This figure includes sales revenue of EUR 2.8 million (previous year: EUR 10.1 million) generated in the Cx and Rx segments. In line with planning, the Dx segment did not post any sales revenue. The previous year’s figure was mainly a reflection of individual components of the terminated licence agreement with Prometheus for RENCAREX®. At EUR 3.3 million, other income was significantly higher than the prior-year figure (EUR 1.3 million) and mainly stemmed from UCB’s waiver of the loan repayment and the reversal through profit or loss of provisions that were not required in the amounts planned. Furthermore, both the Rx segment and the Cx segment received grants from the Federal Ministry of Education and Research (BMBF) for research projects.

Operating expenses including depreciation and amortisation amounted to EUR 7.8 million in the reporting period, down 49% compared with the previous year (EUR 15.3 million). All cost items reported were reduced substantially year-on-year.

The net loss for the period was EUR 1.8 million, which is substantially lower than in the same period the previous year (EUR 4.0 million); it is due to reduced costs. Reflecting the net loss for the period, earnings per share rose by 46% to EUR -0.07 (previous year: EUR -0.13).

Cash and cash equivalents as of 31 August 2014 amounted to EUR 2.8 million (30 November 2013: EUR 8.9 million). This figure does not include inflows from terminated and newly signed licence agreements. WILEX’s average monthly funding requirement in the first nine months was EUR 0.7 million (previous year: EUR 1.5 million). Due to the follow-up costs of the restructuring, the significant reduction planned will not materialise until later quarters.

Total assets as of the end of the reporting period amounted to EUR 16.1 million (30 November 2013: EUR 22.3 million); equity amounted to EUR 13.2 million (30 November 2013: EUR 14.9 million). The equity ratio was 81.6% (30 November 2013: 67.0%).

Revised Guidance 2014

The guidance for the current financial year issued on 31 March 2014 has been adjusted as follows: 

 

Guidance 10/2014
EUR million

Guidance 03/2014
EUR million

Actual 2013
EUR million

Sales revenue and other income 6.0 – 7.5 3.0 – 4.0 19.1
Operating expenses 8.0 – 11.0 8.0 – 11.0 24.1
Operating result (2.0) – (3.5) (4.5) – (7.5) (5.0)
Total funding requirement 6.0 – 8.0 4.0 – 6.0 14.4
Funds required per month

0.5 – 0.7

0.3 – 0.5

1.2

Given the previous funding requirements, significantly lower costs in the second half and our current planning, WILEX’s cash reach is secured into the second quarter of 2015.

Key figures for the WILEX Group


 

9M 20141

EUR ‘000

9M 20131

EUR ‘000

Earnings

 

 

Sales revenue

2,836

10,090

Other income

3,286

1,295

Operating expenses

(7,835)

(15,278)

of which research and development costs

(4,136)

(7,355)

Operating result

(1,712)

(3,893)

Earnings before taxes

(1,763)

(3,956)

Net loss for the period

(1,811)

(3,956)

Earnings per share in EUR

(0.07)

(0.13)

 

 

 

Balance sheet as of the end of the period

 

 

Total assets

16,125

24,917

Cash and cash equivalents

2,821

9,876

Equity

13,162

16,043

Equity ratio2 in %

81,6

64,4

 

 

 

Cash flow statement

 

 

Cash flow from operating activities

(6,168)

(13,499)

Cash flow from investing activities

(143)

(111)

Cash flow from financing activities

(49)

(160)

 

 

 

Employees (number)

 

 

Employees as of 31.08.2014 3, 4

54

110

 

 

 

1 The reporting period begins on 1 December and ends on 31 August.
2 Equity / total assets.
3 Including members of the Executive Management Board.
4 WILEX Inc. is no longer included in 2014.
Rounding of exact figures may result in differences.

The full 9-month financial report including the segment reporting and the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) was published at www.wilex.com.

Invitation to the conference call
On 15 October 2014, WILEX will hold a public conference call for media, analysts and investors in English at 3:00 p.m. CEST. Please dial in ten minutes before the conference call using the following dial-in numbers:

1. Germany: +49 69 71044 5598
2. UK: +44 20 3003 2666
3. USA: +1 212 999 6659
4. USA Freephone: +1 866 966 5335

You will be welcomed by an operator who will ask for the password (WILEX) and take your name and company. The presentation for the conference (in English) will be available for download at www.wilex.com from 2:30 p.m. CEST.

Contact
WILEX AG
Sylvia Wimmer
Corporate Communications
Tel.: +49 (0)89-41 31 38-29
Email: investors[at]wilex.com
Grillparzerstr. 10, 81675 Munich
IR/PR support
MC Services AG
Katja Arnold (CIRO)
Executive Director
Tel.: +49 (0)89-41 31 38-126
Tel.: +49 (0)89-210 228-40
Email: katja.arnold[at]mc-services.eu 

About WILEX
WILEX AG is a biopharmaceutical company which has a ready for partnering portfolio of antibody-based diagnostic and therapeutic Phase III product candidates for the detection and targeted treatment of clear cell renal cell carcinoma. Research and development now focus on the operations of its subsidiary Heidelberg Pharma GmbH in Ladenburg, which primarily advances the development of the innovative platform technology for antibody drug conjugates (ADC technology) and offers preclinical services. WILEX is listed at the Frankfurt Stock Exchange: ISIN DE000A11QVV0 / Symbol WL6. More information is available at www.wilex.com.

This communication contains certain forward-looking statements relating to the Company’s business, which can be identified by the use of forward-looking terminology such as “estimates”, “believes”, “expects”, “may”, “will”, “should”, “future”, “potential” or similar expressions or by a general discussion of the Company’s strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.

Seite gelesen: 300 | Heute: 3