Sanochemia Pharmazeutika AG / Final Results
29.01.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Profitability in H2 signals upward trend:
EBIT increases by 78% / EBITDA positive / Impairment charge taken against
financial assets
Vienna, 29 January 2009 Sanochemia Pharmazeutika AG, Vienna, listed in
the Prime Segment of the Frankfurt Stock Exchange (ISIN AT0000776307) today
announced audited figures for its 2007/2008 financial year (to 30 September
2008):
Following a profitable second half, the operating result (EBIT) improved
considerably for the full year and indicates that Sanochemia is well on the
way to achieving sustainable profitability.
Sales revenues developed steadily, seen across the year, and amounted to
29.5m, following 29.6m in the prior year. This was despite a drop in
revenues in the Production Division due to a synthesis product coming out
of patent. This decline was largely offset by the receipt of a milestone
payment. EBITDA was clearly positive at 3.7m (PY: -1.8m).
Due to the strong operating result in the second half of the period, it was
possible to achieve a 78% improvement in EBIT to minus 1.2m, following
EBIT in the prior period of -5.5m. An additional impairment charge taken
against a claim for compensation asserted against a financial services
provider led to a financial result which, at -2.8m (PY: 0.5m), was more
negative than the figure of -0.8m reported earlier in the provisional
announcement of results. Due to the difficulty of assessing the
collectability of this receivable in the current financial environment, the
Company felt compelled to take an associated impairment charge in the
amount of 2.0m. The pre-tax result (EBT) consequently amounts to -4.0m
(PY: -5.0m). The net result for the period improved year on year to
-3.7m (PY: -5.0m), equivalent to losses per share of 0.34 (PY: losses
of 0.44).
In line with expectations, the main sources of revenues besides galantamine
were radiological products. Tolperisone, marketed in Germany under the
brand name Viveo® since October 2007, made its first significant
contribution to sales revenues, 1.3m, during the period under review. As
a result of the launch of Viveo®, it was no longer possible to recognise
any further development costs for tolperisone during the financial year.
Own work capitalised consequently fell to 1.4m, or 1.6m lower than in
the prior year.
The value of cash and short-term deposits declined over the course of the
year. This was partly offset by an increase in accounts receivable, trade.
Nonetheless, the value of current assets recognised fell to 46.1m on 30
September 2008 (30 Sep. 2007: 57.0m).
Taking account of the cumulative results for the period ( -5.1m), the
value of shareholders equity declined to 54.1m (PY: 57.9m). As a result
of the fall in the balance sheet total to 88.9m (PY: 97.8m), the equity
ratio rose marginally during the 2007/2008 financial year to 61% (PY: 59%).
Cash flow changes accounted for an overall decline of 10.0m in the value
of cash and cash equivalents to 14.3m on 30 September 2008.
The segment reporting also reveals marked improvements in all business
divisions. In the Human Pharmaceuticals Division, sales revenues and EBIT
increased by 16% and 30% respectively. In the Production Division, a
quarterly improvement was noted in terms of positive EBIT development
following a negative first quarter as a result of the irregular timing of
galantamine production orders. The Research and Development Division
reported revenues of 2.1m due to the receipt of a milestone payment and
the out-licensing of tolperisone for the Greek market, accounting for EBIT
of -0.3m following -5.1m in the prior period.
OUTLOOK
New growth drivers in new markets
Following successful launches in Germany, registration dossiers have been
filed across Europe for both MR-Lux® and Sanochemias tolperisone
formulation. For Scanlux®, the Company expects to roll out this product in
the US in the course of 2009 and to also establish a presence in additional
European markets as a result of new distribution agreements and marketing
authorisations. Sanochemia also aims to focus more on Eastern Europe and
the Middle East through the expansion of its international sales and
marketing activities.
Innovations Secrelux® and PVP hypericine
Secrelux®, currently only approved in Germany, is already used in many
countries on a named-patient basis. Marketing authorisations in other
European and non-European markets are being sought, as are extensions for
its use in CT, MRCP and ultrasound procedures. The development of PVP
hypericine, the most advanced R&D project at present, is now being
fast-tracked following the awarding of a US patent on the manufacturing
process for this formulation and its use in the diagnosis and treatment of
bladder cancer. The Company regards this project as a high-potential
out-licensing candidate.
Production activities with new plant for HAPIs
The Company assumes that sales revenues generated by galantamine, the main
synthesis product, will remain stable. This prediction is based on the
rapidly growing market for Alzheimer drugs and Sanochemias cooperation
agreement with Janssen Cilag, which is valid until 2014. The new production
plant for highly active pharmaceutical ingredients (HAPI) is expected to
help secure new development projects and an increase in contract
manufacturing activities.
It is against this backdrop that the Board of Management expects 2008/2009
to be a good financial year with further improvements in results. The
Europe-wide marketing of the new growth drivers Viveo® (tolperisone) and
MR-Lux®, as well as the launch of Scanlux® in the US, are the keys to the
future profitable growth of Sanochemia.
The outlook for the first quarter of 2008/2009 is that sales revenues in
the Production Division will again be low, as in the prior year, due to the
irregular timing of galantamine orders. Galantamine production runs are of
a magnitude which requires that they be considered on a yearly rather than
a quarterly basis. Galantamine was the main source of synthesis revenues in
the 2007/2008 period, with a high single-digit rate of growth.
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The audited annual results, including segment reporting, for the 2007/2008
financial year are now online. Further details of upcoming financial events
are available either at www.sanochemia.at/en or on request from the
Company.
Sanochemia Pharmazeutika AG will be holding an annual results press
conference for analysts and institutional investors in Vienna at 10:00 on
29 January 2009.
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Information and Explaination of the Issuer to this News:
For further information, please contact:
Margarita Hoch
Investor Relations
Tel.: +43 / 1 / 3191456 / 335
Fax: +43 / 1 / 3191456 / 344
m.hoch@sanochemia.at
www.sanochemia.at
Weitere Informationen:
Margarita Hoch
Investor Relations
phone: +43 / 1 / 3191456 / 335
fax: +43 / 1 / 3191456/ 344
m.hoch@sanochemia.at
www.sanochemia.at
DGAP 29.01.2009
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Language: English
Issuer: Sanochemia Pharmazeutika AG
Boltzmanngasse 9a - 11
A-1091 Wien
Österreich
Phone: +43 (1) 319 14 56-0
Fax: +43 (1) 319 14 56-44
E-mail: office@sanochemia.at
Internet: www.sanochemia.at
ISIN: AT0000776307
WKN: 919963
Indices: Prime Standard
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: Sanochemia Pharmazeutika AG:Audited Annual Results 2007/2008
| Source: EQS Group AG