Full Press Release Details
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF
SECURITIES EXCHANGE ACT OF 1934
Evotec Aktiengesellschaft
(Exact name of registrant as specified in its
Commission File Number: 001-34041
Schnackenburgallee 114
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7)
only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is
incorporated, domiciled or legally organized (the registrant s home country ), or under the rules of the home country exchange on which the registrant s securities are traded, as long as the report or other document is not a
press release, is not required to be and has not been distributed to the registrant s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
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| Item | Page | |
| Other Information | 3 | |
| Signatures | 3 | |
| Exhibit Index | 4 |
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On August 7, 2009, EVOTEC AG (Frankfurt Stock Exchange: EVT; NASDAQ: EVTC) ( Evotec ) issued a press release announcing its financial
results for the second quarter ended June 30, 2009 and released its 2009 Second Quarter Report. The press release and 2009 Second Quarter Report are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by
Included in the press release are adjusted results, which are considered non-GAAP financial measures. Evotec uses these
measures to give additional insight into its financial performance as a supplement to understand, manage, and evaluate its business results and make operating decisions. Adjusted results should be considered in addition to the reported results
prepared in accordance with International Financial Reporting Standards ( IFRS ), but should not be considered as a substitute. The non-GAAP financial measure used in the press release is operating loss. These adjusted results exclude
costs related to impairment charges and restructuring expenses. Management views these costs as not indicative of the profitability of Evotec s ongoing or future operations and therefore considers the adjusted results as a supplement to be
viewed in conjunction with the reported IFRS results.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
| Evotec AG | ||
| By: | /s/ Klaus Maleck | |
| Klaus Maleck | ||
| Chief Financial Officer |
Date: August 12, 2009
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| Exhibit Number | Description | |
| 99.1 | Press Release dated August 7, 2009 - Evotec Announces Second Quarter Results | |
| 99.2 | Evotec AG, Second Quarter Report 2009 |
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| August 7, 2009 | ||
| Evotec Announces Strong Second Quarter Financial Results Hamburg, Germany Evotec AG (Frankfurt Stock Exchange: EVT; NASDAQ: EVTC) today reported results and corporate updates for the second quarter 2009. Recent Highlights: Strong quarterly performance leads to 46% revenue growth and 29% improvement of operating result Further milestone payment received in drug discovery collaboration with Boehringer Ingelheim (after period-end) Royalty income earned from DeveloGen Several new discovery contracts signed Failure of EVT 302 in smoking cessation; positive Phase I results with EVT 401; alliance with Roche on EVT 100 compound family Execution of restructuring program Evotec 2012 Action Plan to Focus and Grow yields first results Acquisition of Indian RSIPL to strategically leverage Discovery Alliance Business and create a global leader in drug discovery and development services (after period-end) Revenue guidance increased; all other financial projections confirmed despite the acquisition of RSIPL 1. Operational performance Strong quarterly performance leads to 46% revenue growth and 29% improvement of operating result Evotec s revenues for the second quarter 2009 grew strongly by 46% to EUR 10.5 million (Q2 2008: EUR 7.2 million). This is mainly the result of strong underlying revenues from Evotec s Discovery Alliances Business, of a portion of the upfront payment for the EVT 100 compound family from Roche (EUR 0.9 million) as well as of license and royalty income totaling EUR 1.8 million from Roche and DeveloGen. Gross margin improved strongly to 38.8% (Q2 2008: 20.8%) Evotec s operating loss for the second quarter 2009 improved by 29% to EUR 8.9 million (Q2 2008: EUR 12.5 million) despite restructuring expenses in the amount of EUR 2.7 million. This improvement is a result of the Company s strong top-line performance and its cost reductions in SG&A and R&D following the implementation of Evotec 2012 - Action Plan to Focus and Grow . |
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| On August 6, 2009, Evotec announced the acquisition of a controlling majority shareholding of the Indian organization Research Support International Private Limited (RSIPL) for approximately EUR 2.8 million in cash, a portion of which includes a potential earn-out. With this acquisition Evotec expands its chemistry capacity by approximately 160 scientists and delivers on its strategy as described in the Evotec 2012 - Action Plan to Focus and Grow to create the global partner of choice for the pharmaceutical and biotechnology industries in discovery and early development services. This transaction adds a complementary drug discovery operation and capability in a cost-effective location to Evotec s already world-leading discovery platform and efficiently increases its ability to deliver high quality drug discovery and development services to its partners. On May 7, 2009, Evotec also acquired the zebrafish screening operations of Summit Corporation plc to further strengthen its state-of-the-art technology platform. These strategic technology and capacity additions further validate Evotec s goal to become the number one global provider of discovery and development services. 5. Guidance Revenue guidance increased; all other financial targets confirmed despite the acquisition of RSIPL The Company increases its 2009 revenue guidance to above EUR 40 million (previously above EUR 35 million) and confirms all other financial targets for the fiscal year 2009 published in March despite the acquisition of RSIPL. Liquidity at the end of June 2009 is at EUR 72.7 million. With the contribution of milestone receipts from research collaborations and the full impact of Evotec s restructuring measures, cash consumption is expected to be reduced considerably in the second half of the year. On this basis, Evotec remains confident to deliver on its liquidity guidance of above EUR 65 million by the end of 2009. Conference Call The Company is going to hold a conference call to discuss the results: Conference call details | ||||
| Date: | Friday, August 7, 2009 | |||
| Time: | 09.30 a.m. CEST | |||
| 08.30 a.m. BST | ||||
| 03.30 a.m. US time (East Coast) | ||||
| From Europe: | +49.(0)69.5007 1308 (Germany) | |||
| +44.(0)20.7806 1956 (UK) | ||||
| From the US: | +1.718.354 1388 | |||
| Access Code: | 8676443 |
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Evotec AG, Second Quarter Report 2009
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| A. Report on the financial situation and results 1. Results | ||
| Revenues | Evotec s revenues for the first half of 2009 amounted to EUR 18.7 million, up 29% from last year s level (2008: EUR 14.5 million). This is mainly the result of strong underlying revenues from Evotec s Discovery Alliances Business, a portion of the upfront payment for the EVT 100 compound family from Roche (EUR 1.1 million) as well as license and royalty income totaling EUR 1.8 million from Roche and DeveloGen in the second quarter. Based on these success payments, Q2 revenues grew strongly by 46% to EUR 10.5 million (2008: EUR 7.2 million). Geographically, 45% of Evotec s revenues were generated from Europe, 43% from the US, and 12% from Japan and the Rest of the World. This compares to 37%, 53% and 10%, respectively, in the same period of the previous year, reflecting the European income from Roche and DeveloGen and the increasing importance of the Japanese partnership with Ono Pharmaceutical to Group revenues. | |
| Operating cost structure | Costs of revenue for the first half of 2009 amounted to EUR 11.7 million (2008: EUR 10.9 million) yielding a strong gross margin of 37.6% (2008: 25.2%). The margin improvement is attributable, in part, due to favorable foreign exchange effects over the prior year, in particular the weakening of the UK Sterling compared to the Euro and US Dollar, and higher revenue in the second quarter from upfront payments, licenses and royalties. Gross margins in the future may continue to be somewhat volatile, and significantly depend on the receipt of potential milestone or out-licensing payments, as described in more detail in Evotec s 2008 Annual Report. R&D expenditure for the first half of 2009 decreased by 26% to EUR 16.3 million (2008: EUR 21.9 million) despite the inclusion of Renovis R&D costs for a full six months in 2009 compared to two months only in 2008. R&D expenses were lower primarily for two reasons: 1. The focus on core programs and the reduction of early discovery expenses following the implementation of the Evotec 2012 Action Plan to Focus and Grow , 2. The prior year s first quarter included a milestone payment by Evotec to Roche for the start of Phase II studies with EVT 302 (EUR 3 million). Spending going forward is expected to further decline significantly, reflecting the full effect of Evotec s restructuring measures. In addition, the upcoming clinical trials for EVT 101 and EVT 103 will be funded by Roche and therefore be shown in other operating expenses. SG&A expenses for the first half of 2009 increased 12% to EUR 9.0 million (2008: EUR 8.1 million) primarily due to the inclusion of four more months |
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| of Renovis SG&A expenses. In addition, SG&A expenses in the first quarter of the prior year were reduced due to the reversals of certain provisions. SG&A expenses for the second quarter of 2009, however, decreased by 11%, revealing initial results of Evotec s cost containment measures implemented from the end of March 2009 and favorable foreign exchange effects. SG&A expenses are expected to further decline and the full impact of Evotec s restructuring will be reflected in the Company s financial results for the second half of 2009. The first half of 2009 included restructuring expenses in the amount of EUR 4.1 million. The majority of the effect from the cost reduction measures mentioned above has now been accounted for. Only smaller additional contributions from wind-down costs are expected during the remainder of the year. Evotec recorded an impairment charge in the first quarter of 2009 in the amount of EUR 6.6 million due to the delay in its VR1 (vanilloid receptor 1) antagonist collaboration with Pfizer. Other operating income and expenses result mainly from the reimbursement of expenses incurred for the clinical programs with EVT 101 and EVT 103 by Roche. In addition, they include the sublease of facilities and administrative support services to PerkinElmer Cellular Technologies. In 2008 they also included transitional services to Aptuit following the sale of the Chemical Development Business in 2007. | ||
| Financial results | Evotec s operating loss for the first half of 2009 increased by 8% to EUR 29.1 million (2008: EUR 26.9 million) primarily due to the Q1 impairment charge of EUR 6.6 million and the EUR 4.1 million of restructuring expenses mentioned above. Despite the restructuring expenses, Evotec s operating loss for the second quarter improved by 29%. The operating loss for the first half of 2009 before these one-time items improved by 31% to EUR 18.4 million (2008: EUR 26.8 million) despite the inclusion of four additional months of Renovis expenses in the current period. This improvement is a result of the Company s strong top-line performance and its cost reductions in SG&A and R&D following the implementation of Evotec 2012 - Action Plan to Focus and Grow . Net loss amounted to EUR 30.4 million (2008: EUR 25.9 million). The non-operating negative impact on the net loss resulted mainly from two non-cash items: the valuation of the put option for auction rate securities (EUR 0.8 million) and a foreign exchange loss in the first quarter of 2009 in the amount of EUR 1.6 million as a result of the repayment of share capital related to the investment in Evotec (UK) Ltd, which was previously recorded as a component of equity and reclassified into the Company s Statement of Operations. This was partially offset by foreign exchange gains from the ordinary course of business. |
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| Loss per share for the first half of 2009 was EUR 0.29 (2008: EUR 0.31). Despite the higher net loss the net loss per share decreased in the first half of 2009 due to the additional shares issued in May 2008 to the former Renovis shareholders. 2. Financing and financial position | ||
| Cash flow and liquidity | Cash flow used in operating activities for the first half of 2009 was EUR (19.5) million and is the result of continued investment in the enhancement of Evotec s R&D pipeline and various, one time employee severance payments. The cash flow was positively impacted by the upfront payment received from Roche in the amount of EUR 7.6 million in the context of the research and development agreement for the EVT 100 compound family. Adjustments to reconcile net loss to net cash used in operating activities included in 2009 the impairment charge (EUR 6.6 million), amortization (EUR 0.2 million) and depreciation (EUR 2.3 million), the foreign exchange loss as a result of the repayment of share capital related to the investment in Evotec (UK) Ltd (EUR 1.6 million) and the valuation of the put option for auction rate securities (EUR 0.8 million). Cash flow from investing activities was EUR 4.6 million, primarily from transactions involving investments in money market funds which resulted in a net cash increase of EUR 5.3 million. Capital expenditures amounted to EUR 0.5 million. In May 2009, Evotec acquired the zebrafish business of Summit for 0.5 million (EUR 0.6 million). Of this amount, EUR 0.2 million were fixed assets acquired, EUR 0.1 million were intangible assets acquired and EUR 0.3 million relate to the purchase of the Singapore entity. Proceeds from the sale of financial assets in the amount of EUR 0.2 million resulted from a purchase price adjustment related to the sale of Direvo convertible bonds. Cash flow from financing activities was EUR (2.6) million and related to the repayment of bank loans. Liquidity, which includes cash and cash equivalents (EUR 38.4 million), short-term investments (EUR 25.2 million) and auction rate securities 1 (EUR 9.1 million), at the end of June 2009 amounted to EUR 72.7 million (December 31, 2008: EUR 92.4 million). This amount does not yet include the license and royalty payments from Roche and DeveloGen in the amount of EUR 1.8 million paid to Evotec in July. With the contribution of milestone receipts from research collaborations and the full impact of Evotec s restructuring measures, cash consumption is expected to be reduced sizably in the second half of the year. |
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| Number of shares | Share options | |||||
| Management Board | ||||||
| Dr Werner Lanthaler | 324,964 | 400,000 | ||||
| Dr Klaus Maleck | 0 | 150,000 | ||||
| Dr Mario Polywka | 30,000 | 355,000 | ||||
| Supervisory Board | ||||||
| Dr Flemming Ornskov | 4,489 | 0 | ||||
| Dr Hubert Birner | 18,478 | 0 | ||||
| Dr Peter Fellner | 11,508 | 0 | ||||
| Dr Corey Goodman | 450,460 | * | 433,966 | ** | ||
| Mary Tanner | 58,973 | 0 | ||||
| Dr Walter Wenninger | 0 | 0 | ||||
| June 30, 2009 * Common share equivalents to ADSs ** Common share equivalents to ADS based equity awards Pursuant to 15a of the German Securities Trading Act (Wertpapierhandelsgesetz), the above table lists separately for each member of our Management and Supervisory Board, the number of Company shares held, and rights for such shares granted to each board member as of June 30, 2009. |
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| B. Risks and Opportunities Report The risks and opportunities mentioned in Evotec s 2008 Annual Report remain unchanged. However, as mentioned in the report for the first quarter of 2009, the delay of the VR1 program and the failure of EVT 302 in smoking cessation in April decreased our clinical product portfolio and thereby the chances of partnering and/or successfully introducing drug products to the market. C. Important events after the end of the second quarter 2009 On August 6, 2009, Evotec announced the acquisition of a controlling majority shareholding of the Indian organization Research Support International Private Limited for approximately EUR 2.8 million in cash, a portion of which includes a potential earn-out. D. Outlook | ||
| 2009 revenue guidance increased; all other financial targets confirmed | The Company increases its 2009 revenue guidance to above EUR 40 million (previously above EUR 35 million) and confirms all other financial targets for the fiscal year 2009 published on March 27 despite the acquisition of RSIPL. Revenue assumptions are based on the current order book, expected new contracts and contract extensions and, as to potentially 15% of the total, the achievement of certain research milestones within existing collaborations. Evotec expects R&D expenses to significantly decrease from 2008 levels. The Company will focus its pipeline investments on its core value assets, spending below EUR 30 million in 2009. SG&A expenses are expected to decrease due to cost reductions in all parts of the Group. Consequently, Evotec s Group operating result before impairment for 2009 is expected to improve significantly over 2008. The Evotec Group started the year 2009 with EUR 92.4 million of cash, investments and auction rate securities. Based on the targets stated above, the year-end 2009 liquidity position is expected to exceed EUR 65 million. Note: The 2008 and 2009 results are not fully comparable. The major difference results from the acquisition of Renovis, Inc. on May 2, 2008. Consequently, the operating results of Renovis from the period January 1, 2009 through June 30, 2009 are included in the accompanying consolidated interim statements of operation for the first half of 2009 while contribution from Renovis in the prior year are only included for two months, May and June 2008. |
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II. Consolidated Interim Financial Statements
Euro in thousands except share data
| Six month ended June 30 | Three months ended in June 30 | |||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||
| Revenue | 18,739 | 14,515 | 10,501 | 7,202 | ||||||||
| Costs of revenue | 11,684 | 10,864 | 6,425 | 5,703 | ||||||||
| Gross profit | 7,055 | 3,651 | 4,076 | 1,499 | ||||||||
| Operating costs and expenses: | ||||||||||||
| Research and development expenses | 16,293 | 21,947 | 5,974 | 9,137 | ||||||||
| Selling, general and administrative expenses | 9,013 | 8,065 | 4,220 | 4,720 | ||||||||
| Amortization of intangible assets | 181 | 397 | 103 | 96 | ||||||||
| Restructuring expenses | 4,136 | 130 | 2,692 | 14 | ||||||||
| Impairment of intangible assets | 6,630 | |||||||||||
| Other operating income | (728 | ) | (1,077 | ) | (508 | ) | (655 | ) | ||||
| Other operating expenses | 647 | 1,074 | 463 | 694 | ||||||||
| Total operating costs and expenses | 36,172 | 30,536 | 12,944 | 14,006 | ||||||||
| Operating loss | (29,117 | ) | (26,885 | ) | (8,868 | ) | (12,507 | ) | ||||
| Other non-operating income (expense): | ||||||||||||
| Interest income | 362 | 1,540 | 115 | 926 | ||||||||
| Interest expense | (254 | ) | (486 | ) | (90 | ) | (367 | ) | ||||
| Loss from equity investments | (31 | ) | (114 | ) | (46 | ) | (74 | ) | ||||
| Other expenses from financial assets | (785 | ) | (195 | ) | ||||||||
| Other income from financial assets | 167 | 473 | ||||||||||
| Foreign currency exchange gain (loss), net | (831 | ) | 443 | 440 | 402 | |||||||
| Other non-operating expense | (6 | ) | (2 | ) | ||||||||
| Other non-operating income | 59 | 30 | 47 | 17 | ||||||||
| Total non-operating income (loss) | (1,313 | ) | 1,880 | 271 | 902 | |||||||
| Loss before taxes | (30,430 | ) | (25,005 | ) | (8,597 | ) | (11,605 | ) | ||||
| Current tax expense | (158 | ) | (343 | ) | (154 | ) | (169 | ) | ||||
| Deferred tax benefit (expense) | 172 | (504 | ) | 182 | (238 | ) | ||||||
| Net loss | (30,416 | ) | (25,852 | ) | (8,569 | ) | (12,012 | ) | ||||
| Weighted average shares outstanding | 106,694,336 | 83,686,845 | 106,822,912 | 93,502,244 | ||||||||
| Net loss per share (basic and diluted) | (0.29 | ) | (0.31 | ) | (0,08 | ) | (0.13 | ) |
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| Condensed consolidated balance sheets Evotec AG and Subsidiaries | ||||
| Euro in thousands except share data | June 30, 2009 | December 31, 2008 | ||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 38,449 | 55,064 | ||
| Investments | 25,155 | 29,034 | ||
| Trade accounts receivables | 6,711 | 2,531 | ||
| Inventories | 2,341 | 2,139 | ||
| Current tax receivables | 212 | 1,373 | ||
| Other current financial assets | 964 | 951 | ||
| Prepaid expenses and other current assets | 2,854 | 1,986 | ||
| Assets classified as held for sale | 224 | |||
| Total current assets | 76,910 | 93,078 | ||
| Non-current assets | ||||
| Long-term investments | 10 | 10 | ||
| Long term investments accounted for using the equity method | 386 | 417 | ||
| Property, plant and equipment | 16,933 | 18,468 | ||
| Intangible assets, excluding goodwill | 41,205 | 47,167 | ||
| Goodwill | 15,140 | 13,288 | ||
| Auction rate securities | 9,101 | 8,303 | ||
| Other non-current financial assets | 1,567 | 2,169 | ||
| Total non-current assets | 84,342 | 89,822 | ||
| Total assets | 161,252 | 182,900 | ||
| Liabilities and stockholders equity | ||||
| Current liabilities | ||||
| Current maturities of long-term loans | 1,250 | 2,579 | ||
| Current portion of finance lease obligations | 288 | 356 | ||
| Trade accounts payable | 7,171 | 6,371 | ||
| Accounts payable to related parties | 845 | 820 | ||
| Advanced payments received | 126 | 275 | ||
| Provisions | 5,089 | 6,859 | ||
| Deferred revenues | 7,193 | 1,238 | ||
| Current tax payables | 262 | 1,719 | ||
| Other current financial liabilities | 601 | 609 | ||
| Other current liabilities | 640 | 1,000 | ||
| Total current liabilities | 23,465 | 21,826 | ||
| Non-current liabilities | ||||
| Long-term loans | 7,250 | 8,047 | ||
| Long-term finance lease obligations | 203 | 346 | ||
| Deferred tax liabilities | 1,503 | 1,463 |
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| Deferred revenues | 479 | 580 | ||||
| Provisions | 849 | 779 | ||||
| Total non-current liabilities | 10,284 | 11,215 | ||||
| Stockholders equity | ||||||
| Share capital | 108,839 | 108,839 | ||||
| Additional paid-in capital | 647,814 | 647,163 | ||||
| Reserve | (25,353 | ) | (32,762 | ) | ||
| Accumulated deficit | (603,797 | ) | (573,381 | ) | ||
| Total stockholders equity | 127,503 | 149,859 | ||||
| Total liabilities and stockholders equity | 161,252 | 182,900 |
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| Six months ended June 30, | ||||||
| Euro in thousands | 2009 | 2008 | ||||
| Cash flows from operating activities: | ||||||
| Net loss | (30,416 | ) | (25,852 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | 12,694 | 3,205 | ||||
| Change in assets and liabilities | (1,803 | ) | (4,580 | ) | ||
| Net cash used in operating activities | (19,525 | ) | (27,227 | ) | ||
| Cash flows from investing activities: | ||||||
| Acquisition costs | (2,191 | ) | ||||
| Purchase of current investments | (9,663 | ) | (11,455 | ) | ||
| Purchase of long-term investments | (288 | ) | (66 | ) | ||
| Purchase of property, plant and equipment | (509 | ) | (1,825 | ) | ||
| Purchase of intangible assets | (126 | ) | ||||
| Cash acquired in connection with acquisitions | 20 | 10,706 | ||||
| Proceeds from sale of property, plant and equipment | 80 | |||||
| Proceeds from sale of discontinued operations | 1,980 | |||||
| Proceeds from sale of financial assets | 167 | |||||
| Proceeds from sale of current investments | 14,925 | 40,020 | ||||
| Net cash provided by investing activities | 4,606 | 37,169 | ||||
| Cash flows from financing activities: | ||||||
| Transaction costs | (2,147 | ) | ||||
| Purchase of own stock | (44 | ) | ||||
| Repayment of loans | (2,516 | ) | (1,052 | ) | ||
| Net cash used in financing activities | (2,560 | ) | (3,199 | ) | ||
| Net increase (decrease) in cash and cash equivalents | (17,479 | ) | 6,743 | |||
| Exchange rate difference | 864 | (2,310 | ) | |||
| Cash and cash equivalents at beginning of year | 55,064 | 37,991 | ||||
| Cash and cash equivalents at end of the period | 38,449 | 42,424 |
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Consolidated interim statements of changes in stockholders equity
Evotec AG and Subsidiaries
Euro in thousands except share data
| Share capital | Reserve | |||||||||||||||||||
| Shares | Amount | Additional paid-in capital | Treasury shares | Foreign currency translation | Asset revaluation reserve | Accumulated deficit | Total Stockholders equity | |||||||||||||
| Balance at January 1, 2008 | 73,868,447 | 73,868 | 627,676 | (99 | ) | (42,827 | ) | 7,029 | (495,094 | ) | 170,553 | |||||||||
| Capital increase | 34,970,268 | 34,971 | 19,644 | 54,615 | ||||||||||||||||
| Stock option plan | 541 | 541 | ||||||||||||||||||
| Income and expense recognized directly in equity: | ||||||||||||||||||||
| Foreign currency translation | (6,949 | ) | (6,949 | ) | ||||||||||||||||
| Total income and expense recognized directly in equity | (6,949 | ) | (6,949 | ) | ||||||||||||||||
| Net loss | (25,852 | ) | (25,852 | ) | ||||||||||||||||
| Total recognized income and expense | (32,801 | ) | ||||||||||||||||||
| Balance at June 30, 2008 | 108,838,715 | 108,839 | 647,861 | (99 | ) | (49,776 | ) | 7,029 | (520,946 | ) | 192,908 | |||||||||
| Balance at January 1, 2009 | 108,838,715 | 108,839 | 647,163 | (38,835 | ) | 6,073 | (573,381 | ) | 149,859 | |||||||||||
| Stock option plan | 651 | 651 | ||||||||||||||||||
| Purchase of treasury shares | (44 | ) | (44 | ) | ||||||||||||||||
| Transfer of treasury shares | 44 | 44 | ||||||||||||||||||
| Income and expense recognized directly in equity: | ||||||||||||||||||||
| Foreign currency translation | 6,622 | 6,622 | ||||||||||||||||||
| Revaluation of available-for-sale securities | 787 | 787 | ||||||||||||||||||
| Total income and expense recognized directly in equity | 6,622 | 787 | 7,409 | |||||||||||||||||
| Net loss | (30,416 | ) | (30,416 | ) | ||||||||||||||||
| Total recognized income and expense | (23,007 | ) | ||||||||||||||||||
| Balance at June 30, 2009 | 108,838,715 | 108,839 | 647,814 | (32,213 | ) | 6,860 | (603,797 | ) | 127,503 |
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| 2008 | |||||
| T | |||||
| Pro-forma revenues | 15,307 | ||||
| Pro-forma net loss | (33,565 | ) | |||
| Pro-forma basic and diluted loss per share | (0.32 | ) |