WILEX publishes Half-yearly Financial Report

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Munich, 14 July 2015 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial report on the first six months of 2015 (1 December 2014 – 31 May 2015).

The focus in these first half-year was on the research activities of its subsidiary Heidelberg Pharma GmbH and the funding of WILEX AG.

“We are satisfied with the first six months of 2015 because we not only met important R&D targets but also secured funding for our next activities. We once again managed to improve income and earnings significantly and reduce our costs considerably,” commented Dr Jan Schmidt-Brand, Spokesman of the Executive Management Board and CFO of WILEX AG. “We are particularly proud of the publication of scientific data in the prestigious journal NATURE. The results from the collaboration with researchers of the MD Anderson Canter Center could be pioneering and helpful for the use of our ATACs in patient selection, which in turn could expand the therapeutic window and bring our technology one step closer to personalised medicine.”

Financial results for the first six months of financial year 2015
The WILEX Group comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH reports consolidated figures. After the restructuring of WILEX AG, R&D activities are now focused on the operations of WILEX’s subsidiary Heidelberg Pharma in Ladenburg.

In the first six months of the 2015 financial year, the WILEX Group generated sales revenue and income totalling EUR 2.3 million, up 35% on the previous year (EUR 1.7 million). This figure includes sales revenue of EUR 1.3 million (previous year: EUR 1.2 million), which comprises components from the licence agreements with Roche and Link Health and from the services business in roughly equal proportions. At EUR 1.0 million, other income was up on the previous year (EUR 0.5 million) due among other things to the reversal of provisions (EUR 0.4 million) that were not needed in the projected amount. This item also included income from exchange rate differences (EUR 0.3 million) resulting mainly from a loan receivable in US dollars and income from sub-letting the office and laboratory space in Munich (EUR 0.1 million).

Operating expenses including depreciation, amortisation and impairment losses amounted to EUR 4.2 million in the reporting period, down 30% compared with the previous year (EUR 6.0 million). This can be attributed to the discontinuation of clinical research activities at WILEX AG and to savings in the wake of the restructuring.

Cost of sales in the reporting period were incurred for customer-specific research and amounted to EUR 0.7 million (previous year: EUR 0.9 million). Research and development costs, which were EUR 3.3 million in the previous year, fell by EUR 1.4 million to EUR 1.9 million due to the discontinuation of R&D activities at the Munich site. However, at 46% of operating expenses, these were still the largest cost item.

Administrative costs were reduced to EUR 1.4 million in the first six months of 2015 in connection with the cost-cutting measures (previous year: EUR 1.5 million). Other expenses for activities in the areas of business development, marketing and commercial market supply amounted to EUR 0.2 million in the current reporting period (previous year: EUR 0.3 million).

At EUR 1.4 k (previous year: EUR -33 k), the WILEX Group posted a positive financial result. The loss for the period in the first the first six months of the current financial year was reduced significantly by 57% to EUR 1.9 million. Reflecting the net loss for the period, earnings per share rose by 59% to EUR -0.23 (previous year: EUR -0.56). In order to facilitate comparison, the earnings per share in the previous period (EUR -0.14) 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 31 May 2015 amounted to EUR 4.1 million (30 November 2014: EUR 2.2 million). WILEX’s average monthly funding requirement in the first six months of the financial year was EUR 0.4 million (previous year: EUR 1.0 million). The anticipated reduction as a result of the parent company’s restructuring was thus achieved.

Total assets as of 31 May 2015 amounted to EUR 17.1 million, up from the figure of EUR 15.0 million shown as of the 30 November 2014 reporting date. Equity as of the end of the reporting period was EUR 14.1 million (30 November 2014: EUR 11.9 million; 31 May 2014: EUR 10.6 million). This corresponded to an equity ratio of 82.4% (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.

Key figures for the WILEX Group

In EUR ‘000 H1 20151
EUR ‘000
H1 2014 1
EUR ‘000
Sales revenue 1,360 1,189
Other income 981 475
Operating expenses (4,238) (5,974)
of which research and development costs (1,961) (3,253)
Operating result (1,898) (4,310)
Earnings before tax (1,896) (4,344)
Net loss for the period (1,896) (4,391)
Earnings per share in EUR (0.23) (0.56)4
Balance sheet as of end of period    
Total assets 17,139 16,574
Cash and cash equivalents 4,101 2,832
Equity 14,129 10,569
Equity ratio2 in % 82.4 63.8
Cash flow statement    
Cash flow from operating activities (2,146) (6,017)
Cash flow from investing activities (32) (129)
Cash flow from financing activities 4,109 (49)
Employees (number)    
Employees as of the end of the period3 51 67
Full-time equivalents as of the end of the period3 45 61

1) The reporting period begins on 1 December and ends on 31 May
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 (H1 2014: EUR -0.14) 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 half-yearly financial report including the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) was published at http://www.wilex.de/press-investors/financial-reports/.

Sylvia Wimmer
Tel.: +49 (0)89-41 31 38-29
Email: investors[at]wilex.com
Grillparzerstr. 18, 81675 Munich
IR/PR support
MC Services AG

Katja Arnold (CIRO)
Tel.: +49 (0)89-210 228-40
Mobil: +49 (0)160 9360 3022

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 preclinical 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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