WILEX publishes 3-month Financial Report

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Munich, 14 April 2015 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial report on the first three months of the 2015 financial year (1 December 2014 – 28 February 2015).

The focus in these first three months was on the Company’s funding and on the research activities of its subsidiary Heidelberg Pharma GmbH.

“We are pleased with our performance in the first quarter of the 2015 financial year,” commented Dr Jan Schmidt-Brand, Spokesman of the Executive Management Board and CFO of WILEX AG. “The restructuring measures are bearing fruit and we managed to increase our sales revenue year-on-year. The rights issue, which was prepared in the first quarter and completed after the reporting period, enables us to continue our activities in accordance with our business planning. Our subsidiary Heidelberg Pharma received important funding commitments earlier this year and will present preclinical data at a number of scientific conferences. We also expect insightful data from our own ADC trials in addition to those conducted by alliance partners.”

Financial results for the first three months of financial year 2015

The WILEX Group comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH reports consolidated figures. As a consequence of last year’s restructuring measures, which led to the discontinuation of research and development activities at the Munich site, no further business activities are conducted that differ materially in their risk/reward profiles. R&D activities have since focused on the operations of WILEX’s subsidiary Heidelberg Pharma in Ladenburg. As a result, WILEX will no longer report on segments from the current financial year onwards.

In the first three months of the 2015 financial year, the WILEX Group generated total income of EUR 0.9 million, which is an increase of 29% compared with the previous year (EUR 0.7  million). This figure includes sales revenue of EUR 0.4 million (previous year: EUR 0.4 million), which comprises components from the licence agreement with Roche and from the services business in roughly equal proportions. At EUR 0.5 million, other income was up on the previous year (EUR 0.3 million) due among other things to income from exchange rate differences (EUR 0.3 million), which is mainly attributable to a US dollar loan receivable.

Operating expenses including depreciation and amortisation amounted to EUR 2.0 million in the reporting period, down 44% compared with the previous year (EUR 3.6 million). Cost of sales fell to EUR 0.4 million (previous year: EUR 0.5 million) in the reporting period. Research and development costs, which were EUR 2.0 million in the previous year, decreased by EUR 1.2 million to EUR 0.8 million due to the discontinuation of R&D activities at the Munich site. However, at 41% of operating expenses, these were still the largest cost item. Administrative costs fell to EUR 0.7 million (previous year: EUR 0.9 million) in the first three months of 2015 as a result of the cost-cutting measures. Other expenses comprise the costs for activities in the areas of business development, marketing and commercial market supply. These amounted to EUR 0.1 million in the reporting period (previous year: EUR 0.2 million).

At EUR -0.2 k, the WILEX Group was only marginally in the red in terms of its financial result in the first three months of the financial year (previous year: EUR -16 k). The loss for the period was EUR 1.1 million mainly due to lower costs (previous year: EUR 2.9 million). Reflecting the net loss for the period, earnings per share rose by 62% to EUR -0.14 (previous year:
EUR -0.37). In order to facilitate comparison, the earnings per share in the previous period (EUR -0.09) were adjusted to the current number of shares in a ratio of 4:1 in accordance with IAS 33.64.

Cash and cash equivalents as of 28 February 2015 amounted to EUR 1.4 million (30 November 2014: EUR 2.2 million). WILEX’s average monthly funding requirement in the first three months of the financial year was EUR 0.3 million (previous year: EUR 1.1 million), thus reaching the lower level planned after restructuring. Total assets as of 28 February 2015 amounted to EUR 14.0 million, down from the figure of EUR 15.0 million shown as of the 30 November 2014 reporting date. Equity at the end of the reporting period was EUR 10.8 million (30 November 2014: EUR 11.9 million). The equity ratio was 77.3% (30 November 2014: 79.0%).

There is no change to the guidance for the WILEX Group for the current financial year issued at the end of March 2015.

Since WILEX published its financial figures for the first quarter of 2015 only shortly after publishing the figures for the 2014 financial year and holding an analyst and investor conference, the Company will not hold a conference call today.

Key figures for the WILEX Group

In EUR ‘000 Q1 2015 1EUR ‘000 Q1 2014 1EUR ‘000
Earnings    
Sales revenue 427 404
Other income 471 345
Operating expenses (1,972) (3,616)
of which research and development costs (813) (1,999)
Operating result (1,074) (2,868)
Earnings before tax (1,074) (2,884)
Net loss for the period (1,074) (2,884)
Earnings per share in EUR (0.14) (0.37)4
     
Balance sheet as of end of period    
Total assets 13,994 18,969
Cash and cash equivalents 1,369 5,546
Equity 10,813 12,085
Equity ratio2 in % 77.3 63.7
     
Cash flow statement    
Cash flow from operating activities (823) (3,380)
Cash flow from investing activities (6) (45)
Cash flow from financing activities (11) (42)
     
Employees (number)    
Employees as of the end of the period3 51 88
Full-time equivalents as of the end of the period3 45 81

1) The reporting period begins on 1 December and ends on 28 February
2 Equity / total assets
3 Including members of the Executive Management Board
4 In order to facilitate comparison, the earnings per share in the previous period (3M 2014: EUR -0.09) were adjusted to the current number of shares in a ratio of 4:1 in accordance with IAS 33.64.
Rounding of exact figures may result in differences.

The full 3-month financial report including the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) was published at http://www.wilex.de/presse-investoren/finanzberichte/.

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)89-210 228-40
Email: katja.arnold[at]mc-services.eu 

About WILEX and Heidelberg Pharma
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 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 provides pre-clinical drug discovery and development services. WILEX is listed at the Frankfurt Stock Exchange: ISIN DE000A11QVV0 / WKN A11QVV / Symbol WL6. More information is available at http://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.

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