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
THE SECURITIES EXCHANGE ACT OF 1934
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34041
Schnackenburgallee 114
(Address of Principal Executive Offices)
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
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):
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| Item | Page | |
| Other Information | 3 | |
| Signatures | 3 | |
| Exhibit Index | 4 |
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On November 10, 2009, EVOTEC AG (Frankfurt Stock Exchange: EVT; TecDAX; NASDAQ: EVTC) ( Evotec ) issued a press release
announcing that it plans to voluntarily delist its American Depositary Shares from the NASDAQ stock market and concentrate its share trading on the recently re-entered TecDAX platform. The press release is furnished herewith as Exhibit 99.1 and is
incorporated by reference herein.
On November 12, 2009, Evotec issued a press release announcing its financial results
for the third quarter ended September 30, 2009 and released its 2009 Third Quarter Report. The press release and Third Quarter Report are furnished herewith as Exhibits 99.2 and 99.3, respectively, and are incorporated by reference herein.
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 / K LAUS M ALECK | |
| Klaus Maleck | ||
| Chief Financial Officer |
Date: November 12, 2009
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| Exhibit Number | Description | |
| 99.1 | Press Release dated November 10, 2009 - Evotec to Voluntarily Delist from NASDAQ | |
| 99.2 | Press Release dated November 12, 2009 - Evotec Third Quarter Financial Results: Growth of Business and Restructuring Impact Lead the Path to Sustainability | |
| 99.3 | Evotec AG, Third Quarter Report 2009 |
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| News Release | ||
| For further information please contact: Dr. Werner Lanthaler Chief Executive Officer +49.(0)40.560 81-242 +49.(0)40.560 81-333 Fax werner.lanthaler@evotec.com Evotec AG Schnackenburgallee 114 22525 Hamburg Germany www.evotec.com | Evotec Third Quarter Financial Results: Growth of Business and Restructuring Impact Lead the Path to Sustainability Hamburg, Germany November 12, 2009: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX; NASDAQ: EVTC) today reported results and corporate updates for the third quarter and nine months ended September 30, 2009. Recent Highlights: Strong operational performance; important milestones achieved - 9 months revenues +16%; 9 months operating result +6% Closing of significant alliance with Boehringer Ingelheim (after period-end) and further new alliances and extensions Execution of restructuring program Evotec 2012 - Action Plan to Focus and Grow shows clear results - US facility closed as planned; acquisition of Indian RSIPL completed Phase I study with EVT 103 started; start of Phase II with EVT 101 in early 2010 TecDAX re-entry in October Year-end guidance of > EUR 40m revenues and > EUR 65m liquidity comfortably confirmed; Strong liquidity of EUR 64m, cash flow positive Q4 expected 1. Operational performance and Discovery Alliance Business update Strong operational performance (9 months revenues +16%; 9 months operating result +6%) Evotec s revenues for the first nine months of 2009 amounted to EUR 29.1 million, an increase of 16% compared to the same period of the previous year (2008: EUR 25.2 million). Gross margin was strong at 38.3% (2008: 38.0%). Despite a Q1 impairment charge of EUR 6.6 million and EUR 4.7 million of restructuring expenses, Evotec s operating loss decreased by 6% to EUR 32.9 million (2008: EUR 35.2 million), before these exceptional items by 38% to EUR 21.6 million (2008: EUR 35.1 million). In the third quarter of 2009 revenues were EUR 10.4 million (2008: EUR 10.7 million). The operating loss for the third quarter decreased by 54% to EUR 3.8 million (2008: EUR 8.3 million). This significant decrease in operating loss is a result of the Company s strong top-line performance and its significant reductions in operating expenses following the implementation of Evotec 2012 - Action Plan to Focus and Grow . |
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| Conference Call The Company is going to hold a conference call to discuss the results and to give an update on its business strategy: | ||||
| Conference call details: | ||||
| Date: | Thursday, November 12, 2009 | |||
| Time: | 09.30 a.m. CST | |||
| 08.30 a.m. GMT | ||||
| 03.30 a.m. US time (East Coast) | ||||
| From Europe: | +49.(0)69.2222 9550 (Germany) | |||
| +44.(0)20.7784 1036 (UK) | ||||
| From the US: | +1.718.354 1152 | |||
| Access Code: | 9023741 | |||
| A simultaneous slide presentation for participants dialing in via phone is available at www.equitystory.com , password: evotec121109. Webcast details To join the audio webcast and to access the presentation slides you will find a link on our home page www.evotec.com shortly before the event. A replay of the conference call will be available for 24 hours and can be accessed in Europe by dialing +49.(0)69.2222 2236 (Germany) or +44.(0)20.7111 1244 (UK) and in the US by +1.347.366 9565. The access code is 9023741#. The on-demand version of the webcast will be available on our website: www.evotec.com - Investors Finance - Financial Reports 2008 - 2009. About Evotec AG Evotec is a leader in the discovery and development of novel small molecule drugs. The Company has built substantial drug discovery expertise and an industrialized platform that can drive new innovative small molecule compounds into the clinic. In addition, Evotec has built a deep internal knowledge base in the treatment of diseases related to neuroscience, pain, and inflammation. Leveraging these skills and expertise the Company intends to develop best-in-class differentiated therapeutics and deliver superior science-driven discovery alliances with pharmaceutical and biotechnology companies. Evotec has long-term discovery alliances with partners including Boehringer Ingelheim, CHDI, Novartis, Ono Pharmaceutical and Roche. Evotec has product candidates in clinical development and a series of preclinical compounds and development partnerships, including for example a strategic alliance with Roche for the EVT 100 compound family, subtype selective NMDA receptor antagonists for use in treatment-resistant depression. For additional information please go to www.evotec.com. Forward-looking statements Information set forth in this report contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our ability to achieve a cash flow positive fourth quarter in 2009 and to deliver on our liquidity guidance, our expectation |
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Evotec AG, Third Quarter Report 2009
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| Revenues | A. Report on the financial situation and results 1. Results Evotec s revenues for the first nine months of 2009 amounted to EUR 29.1 million, an increase of 16% compared to the same period of the previous year (2008: EUR 25.2 million). This performance is the result of continued strong underlying revenues from Evotec s Discovery Alliances Business, a portion of the upfront payment for the EVT 100 compound family from Roche (EUR 2.0 million) as well as license and royalty income totaling EUR 1.8 million from Roche and DeveloGen in the second quarter. Q3 revenues of EUR 10.4 million were approximately on last year s level (2008: EUR 10.7 million). Both periods included a milestone payment from Boehringer Ingelheim (2009: EUR 1.5 million, 2008: EUR 2.5 million). Geographically, 47% of Evotec s revenues were generated from Europe, 40% from the US, and 13% from Japan and the Rest of the World. This compares to 41%, 46% and 13%, respectively, in the same period of the previous year. The higher contribution of European revenues to Group revenues primarily resulted from the upfront payment, license and royalty income from Roche and DeveloGen. | |
| Operating cost structure | Costs of revenue for the first nine months of 2009 amounted to EUR 18.0 million (2008: EUR 15.6 million) yielding a gross margin of 38.3% (2008: 38.0%). The strong margin is attributable, in part to a high amount of success-based payments as well as favorable foreign exchange effects over the prior year, in particular the weakening of the UK Sterling compared to the Euro and US Dollar. 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 nine months of 2009 decreased by 38% to EUR 19.5 million (2008: EUR 31.4 million). R&D expenses were lower primarily for three 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 funding of the clinical trials for EVT 101 and EVT 103 by Roche; the cost of which are since funding shown under other operating expenses, 3. The prior year s first quarter inclusion of a milestone payment by Evotec to Roche for the start of Phase II studies with EVT 302 (EUR 3 million). The strong effect from Evotec s restructuring measures is more clearly reflected in the results of the third quarter: Q3 R&D expenses decreased by 66% to EUR 3.2 million (2008: EUR 9.5 million). |
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| SG&A expenses for the third quarter of 2009 decreased markedly by 13% (2009: EUR 4.1 million, 2008: EUR 4.8 million), as a result of Evotec s cost containment measures implemented from the end of March 2009. SG&A expenses for the first nine months of 2009 were approximately at last year s level (+2%; 2009: EUR 13.1 million, 2008: EUR 12.8 million). The positive third quarter effect was partially off-set in the year-to-date results by the reduction of SG&A expenses in the prior year due to the reversals of certain provisions. The full impact of Evotec s restructuring on SG&A expenses will be reflected in the Company s financial results for the years 2010 and beyond. Restructuring expenses from the cost reduction measures mentioned above have now almost entirely been incurred. The first nine months of 2009 included expenses in the amount of EUR 4.7 million. 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 resulted primarily from the reimbursement of expenses incurred for the clinical programs with EVT 101 and EVT 103 by Roche. In addition, they mainly included the sublease of facilities and administrative support services to PerkinElmer Cellular Technologies. | ||
| Financial results | Despite the Q1 impairment charge of EUR 6.6 million and the EUR 4.7 million of restructuring expenses mentioned above, Evotec s operating loss for the first nine months of 2009 decreased by 6% to EUR 32.9 million (2008: EUR 35.2 million). The year-to-date operating loss before these exceptional items improved by 38% to EUR 21.6 million (2008: EUR 35.1 million) and the operating loss for the third quarter by 54% to EUR 3.8 million (2008: EUR 8.3 million). This significant decrease in operating loss is a result of the Company s strong top-line performance and its significant reductions in operating expenses following the implementation of Evotec 2012 - Action Plan to Focus and Grow . Despite this reduction in operating loss, net loss increased to EUR 34.1 million (2008: EUR 29.0 million) due to a number of exceptional effects in both years. The prior year s result included two positive effects: other income from financial assets (EUR 4.6 million) relating to the gain from Direvo convertible bonds in connection with the sale of Direvo Biotech to Bayer HealthCare as well as significantly higher interest income (2008: EUR 2.3 million; 2009: EUR 0.4 million). In 2009, the net loss was negatively impacted by two non-cash items: the valuation of the put option for auction rate securities (EUR 0.9 million) and a foreign exchange loss in |
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| 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. Loss per share for the first nine months of 2009 was EUR 0.32 (2008: EUR 0.32). Despite higher net loss the net loss per share was on last year s level 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 nine months of 2009 improved over the same period in the previous year. However, it was still high at EUR (23.6) million, which is the result of the Company s high cost base (R&D and SG&A) at the beginning of the year and various, exceptional employee severance payments. Adjustments to reconcile net loss to net cash used in operating activities included in 2009 the impairment charge (EUR 6.6 million), amortization (EUR 0.3 million) and depreciation (EUR 3.0 million), the foreign exchange loss mainly 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 0.9 million). Cash flow from investing activities was EUR 2.5 million, primarily from transactions involving investments in money market funds which resulted in a net cash increase of EUR 5.5 million. Capital expenditures amounted to EUR 1.6 million. The purchase of entities (EUR 1.9 million), intangible assets (EUR 0.1 million) and the cash acquired (EUR 0.2 million) were a consequence of the acquisitions of Indian RSIPL and the zebrafish business of Summit. Proceeds from the sale of property, plant and equipment (EUR 0.3 million) resulted mainly from the wind down of the US operations. Proceeds from the sale of financial assets (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 (2.5) million and related mainly to the repayment of bank loans. Liquidity, which includes cash and cash equivalents (EUR 31.1 million), short-term investments (EUR 24.1 million) and auction rate securities 1 (EUR 8.8 million), at the end of September 2009 amounted to EUR 64.0 million (December 31, 2008: EUR 92.4 million). During the first nine months of 2009 Evotec paid back bank loans in the amount of EUR 2.5 million. | |
| 1 For further discussion of the auction rate securities please see Note 9 to the Unaudited Interim Condensed Consolidated Financial Statements. |
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| Number of shares | Share options | |||||
| Management Board | ||||||
| Dr Werner Lanthaler | 383,964 | 400,000 | ||||
| Dr Klaus Maleck | 0 | 150,000 | ||||
| Dr Mario Polywka | 60,000 | 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 |
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| in smoking cessation decreased or delayed Evotec s chances of partnering and/or successfully introducing drug products to the market. Secondly, the Company has extended its expectations that its funds will be sufficient to finance its planned activities through to sustainability (instead of until the end of 2010). C. Important events after the end of the third quarter 2009 Boehringer Ingelheim signed a new four-year extension of its discovery collaboration with Evotec on November 9, 2009. Jointly, both companies aim to identify novel therapeutics in innovative disease-focused programs with an initial focus on oncology targets. In October, Evotec also extended another important collaboration with one of its strategic partners, initiating a new discovery program with Ono Pharmaceutical on an ion channel target. D. Outlook | ||
| 2009 financial guidance confirmed | The Company confirms all financial targets for the fiscal year 2009 published on March 27 and updated on August 7, 2009. In the context of its second quarter report, Evotec increased its 2009 revenue guidance to above EUR 40 million (previously above EUR 35 million). Revenue assumptions are based on the current order book, expected new contracts and contract extensions. Evotec expects R&D expenses to significantly decrease from 2008 levels. The Company will focus its pipeline investments on its core value assets. 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. Based on the targets stated above and constant year-end 2008 currencies, the year-end 2009 liquidity position is expected to exceed EUR 65 million, a strong basis to comfortably develop the Company to sustainability. Note: The 2008 and 2009 results are not fully comparable. The major difference results from the acquisitions of Renovis, Inc. on May 2, 2008 and Research Support International Private Limited on August 31, 2009 respectively. Consequently, in 2009 the operating results of Renovis are included in the accompanying consolidated interim statements of operation for the first nine months from the period January 1, 2009 through September 30, 2009 while contribution from Renovis in the prior year are only included for five months, May through September 2008. In addition, the operating results of RSIPL from the period September 1, 2009 through September 30, 2009 are included in the accompanying consolidated interim statements of operation for the nine months ended |
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II. Consolidated Interim Financial Statements
| Euro in thousands except share and per share data | ||||||||||||
| Nine months ended September 30, | Three months ended September 30, | |||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||
| Revenue | 29,135 | 25,173 | 10,396 | 10,658 | ||||||||
| Costs of revenue | 17,985 | 15,596 | 6,301 | 4,732 | ||||||||
| Gross profit | 11,150 | 9,577 | 4,095 | 5,926 | ||||||||
| Operating costs and expenses: | ||||||||||||
| Research and development expenses | 19,501 | 31,446 | 3,208 | 9,499 | ||||||||
| Selling, general and administrative expenses | 13,136 | 12,830 | 4,123 | 4,765 | ||||||||
| Amortization of intangible assets | 294 | 476 | 113 | 79 | ||||||||
| Restructuring expenses | 4,654 | 132 | 518 | 2 | ||||||||
| Impairment of intangible assets | 6,630 | |||||||||||
| Other operating income | (3,485 | ) | (1,868 | ) | (2,757 | ) | (791 | ) | ||||
| Other operating expenses | 3,352 | 1,751 | 2,705 | 677 | ||||||||
| Total operating costs and expenses | 44,082 | 44,767 | 7,910 | 14,231 | ||||||||
| Operating loss | (32,932 | ) | (35,190 | ) | (3,815 | ) | (8,305 | ) | ||||
| Other non-operating income (expense): | ||||||||||||
| Interest income | 435 | 2,294 | 73 | 754 | ||||||||
| Interest expense | (347 | ) | (614 | ) | (93 | ) | (128 | ) | ||||
| Gain (loss) from equity investments | 540 | (187 | ) | 571 | (73 | ) | ||||||
| Other expenses from financial assets | (892 | ) | (107 | ) | ||||||||
| Other income from financial assets | 167 | 5,080 | 4,607 | |||||||||
| Foreign currency exchange gain (loss), net | (938 | ) | 834 | (107 | ) | 391 | ||||||
| Other non-operating expense | (6 | ) | ||||||||||
| Other non-operating income | 79 | 49 | 20 | 19 | ||||||||
| Total non-operating income (loss) | (956 | ) | 7,450 | 357 | 5,570 | |||||||
| Loss before taxes | (33,888 | ) | (27,740 | ) | (3,458 | ) | (2,735 | ) | ||||
| Current tax income (expense) | (129 | ) | (482 | ) | 29 | (139 | ) | |||||
| Deferred tax benefit (expense) | (54 | ) | (736 | ) | (226 | ) | (232 | ) | ||||
| Net loss | (34,071 | ) | (28,958 | ) | (3,655 | ) | (3,106 | ) | ||||
| Weighted average shares outstanding | 106,775,495 | 91,118,012 | 106,935,167 | 105,818,799 | ||||||||
| Net loss per share (basic and diluted) | (0.32 | ) | (0.32 | ) | (0.03 | ) | (0.03 | ) |
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| Euro in thousands | ||||||||||||
| Nine months ended September 30, | Three months ended September 30, | |||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||
| Net loss | (34,071 | ) | (28,958 | ) | (3,655 | ) | (3,106 | ) | ||||
| Other comprehensive income (loss) | ||||||||||||
| Foreign currency translation | 3,178 | (2,405 | ) | (3,444 | ) | 4,544 | ||||||
| Revaluation of available-for-sale securities | 867 | (325 | ) | 80 | (325 | ) | ||||||
| Other comprehensive income (loss) for the period | 4,045 | (2,730 | ) | (3,364 | ) | 4,219 | ||||||
| Total comprehensive income (loss) for the period | (30,026 | ) | (31,688 | ) | (7,019 | ) | 1,113 |
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| Condensed consolidated interim balance sheets Evotec AG and Subsidiaries | ||||
| Euro in thousands except share data | September 30, 2009 | December 31, 2008 | ||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 31,065 | 55,064 | ||
| Investments | 24,079 | 29,034 | ||
| Trade accounts receivables | 6,982 | 2,531 | ||
| Inventories | 2,256 | 2,139 | ||
| Current tax receivables | 501 | 1,373 | ||
| Other current financial assets | 706 | 951 | ||
| Prepaid expenses and other current assets | 2,717 | 1,986 | ||
| Total current assets | 68,306 | 93,078 | ||
| Non-current assets | ||||
| Long-term investments | 10 | 10 | ||
| Long-term investments accounted for using the equity method | 417 | |||
| Property, plant and equipment | 19,009 | 18,468 | ||
| Intangible assets, excluding goodwill | 40,756 | 47,167 | ||
| Goodwill | 16,008 | 13,288 | ||
| Auction rate securities | 8,832 | 8,303 | ||
| Other non-current financial assets | 1,754 | 2,169 | ||
| Total non-current assets | 86,369 | 89,822 | ||
| Total assets | 154,675 | 182,900 | ||
| Liabilities and stockholders equity | ||||
| Current liabilities | ||||
| Current maturities of long-term loans | 1,633 | 2,579 | ||
| Current portion of finance lease obligations | 269 | 356 | ||
| Trade accounts payable | 6,549 | 6,371 | ||
| Accounts payable to related parties | 820 | 820 | ||
| Advanced payments received | 218 | 275 | ||
| Provisions | 5,709 | 6,859 | ||
| Deferred revenues | 6,742 | 1,238 | ||
| Current tax payables | 90 | 1,719 | ||
| Other current financial liabilities | 568 | 609 | ||
| Other current liabilities | 262 | 1,000 | ||
| Total current liabilities | 22,860 | 21,826 | ||
| Non-current liabilities | ||||
| Long-term loans | 7,428 | 8,047 | ||
| Long-term finance lease obligations | 155 | 346 | ||
| Deferred tax liabilities | 1,665 | 1,463 |
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| Deferred revenues | 407 | 580 | ||||
| Provisions | 783 | 779 | ||||
| Total non-current liabilities | 10,438 | 11,215 | ||||
| Stockholders equity | ||||||
| Share capital | 108,839 | 108,839 | ||||
| Additional paid-in capital | 647,971 | 647,163 | ||||
| Reserve | (28,717 | ) | (32,762 | ) | ||
| Accumulated deficit | (607,452 | ) | (573,381 | ) | ||
| Equity attributable to shareholders of Evotec AG | 120,641 | 149,859 | ||||
| Minority interests | 736 | |||||
| Total stockholders equity | 121,377 | 149,859 | ||||
| Total liabilities and stockholders equity | 154,675 | 182,900 |
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| Euro in thousands | Nine months ended September 30, | |||||
| 2009 | 2008 | |||||
| Cash flows from operating activities: | ||||||
| Net loss | (34,071 | ) | (28,958 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | 13,570 | 439 | ||||
| Change in assets and liabilities | (3,126 | ) | (4,131 | ) | ||
| Net cash used in operating activities | (23,627 | ) | (32,650 | ) | ||
| Cash flows from investing activities: | ||||||
| Acquisition costs | (2,191 | ) | ||||
| Purchase of current investments | (14,431 | ) | (21,614 | ) | ||
| Purchase of entities | (1,892 | ) | (66 | ) | ||
| Purchase of property, plant and equipment | (1,564 | ) | (2,499 | ) | ||
| Purchase of intangible assets | (126 | ) | ||||
| Cash acquired in connection with acquisitions | 157 | 10,706 | ||||
| Proceeds from sale of property, plant and equipment | 317 | |||||
| Proceeds from sale of discontinued operations | 1,980 | |||||
| Proceeds from sale of financial assets | 167 | |||||
| Proceeds from sale of current investments | 19,914 | 48,934 | ||||
| Net cash provided by investing activities | 2,542 | 35,250 | ||||
| Cash flows from financing activities: | ||||||
| Transaction costs | (2,581 | ) | ||||
| Proceeds from increase of loans | 5 | |||||
| Purchase of own stock | (44 | ) | ||||
| Repayment of loans | (2,449 | ) | (1,320 | ) | ||
| Net cash used in financing activities | (2,488 | ) | (3,901 | ) | ||
| Net increase (decrease) in cash and cash equivalents | (23,573 | ) | (1,301 | ) | ||
| Exchange rate difference | (426 | ) | (1,173 | ) | ||
| Cash and cash equivalents at beginning of year | 55,064 | 37,991 | ||||
| Cash and cash equivalents at end of the period | 31,065 | 35,517 |
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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 | Revaluation reserve | Accumulated deficit | Equity attributable to shareholders of Evotec AG | Minority interest | Total Stockholders equity | |||||||||||||||||
| Balance at January 1, 2008 | 73,868,447 | 73,868 | 627,676 | (99 | ) | (42,827 | ) | 7,029 | (495,094 | ) | 170,553 | 170,553 | ||||||||||||||
| Capital increase | 34,970,268 | 34,971 | 17,804 | 52,775 | 52,775 | |||||||||||||||||||||
| Stock option plan | 909 | 909 | 909 | |||||||||||||||||||||||
| Transfer of treasury shares | 99 | 99 | 99 | |||||||||||||||||||||||
| Total comprehensive income (loss) | (2,405 | ) | (325 | ) | (28,958 | ) | (31,688 | ) | (31,688 | ) | ||||||||||||||||
| Balance at September 30, 2008 | 108,838,715 | 108,839 | 646,389 | (45,232 | ) | 6,704 | (524,052 | ) | 192,648 | 192,648 | ||||||||||||||||
| Balance at January 1, 2009 | 108,838,715 | 108,839 | 647,163 | (38,835 | ) | 6,073 | (573,381 | ) | 149,859 | 149,859 | ||||||||||||||||
| Capital increase | ||||||||||||||||||||||||||
| Stock option plan | 808 | 808 | 808 | |||||||||||||||||||||||
| Purchase of treasury shares | (44 | ) | (44 | ) | (44 | ) | ||||||||||||||||||||
| Transfer of treasury shares | 44 | 44 | 44 | |||||||||||||||||||||||
| Minority interests | 736 | 736 | ||||||||||||||||||||||||
| Total comprehensive income (loss) | 3,178 | 867 | (34,071 | ) | (30,026 | ) | (30,026 | ) | ||||||||||||||||||
| Balance at September 30, 2009 | 108,838,715 | 108,839 | 647,971 | (35,657 | ) | 6,940 | (607,452 | ) | 120,641 | 736 | 121,377 |
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| August 31, 2009 carrying amount T | August 31, 2009 fair value T | ||||
| Cash and cash equivalents | 137 | 137 | |||
| Trade accounts receivable | 279 | 279 | |||
| Inventories | 68 | 68 | |||
| Other current assets | 453 | 453 | |||
| Property, plant and equipment | 2,502 | 2,502 | |||
| Customer list | 103 | ||||
| Loans | 504 | 504 | |||
| Provisions | 66 | 66 | |||
| Current liabilities | 781 | 781 | |||
| Deferred tax liabilities | 34 | 51 | |||
| Net assets acquired | 2,054 | 2,140 | |||
| Minority interests | (736 | ) | |||
| At equity investment Evotec-RSIL | (956 | ) | |||
| Goodwill | 1,925 | ||||
| Cost of acquisition | 2,373 | ||||
| Less cash and cash equivalents acquired | (137 | ) | |||
| Less cash paid | (2,373 | ) | |||
| Cash inflow (-) from acquisition | (137 | ) |
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| 2009 T | 2008 T | |||||
| Pro-forma revenues | 30,536 | 26,768 | ||||
| Pro-forma net loss | (34,107 | ) | (28,787 | ) | ||
| Pro-forma basic and diluted loss per share | (0.32 | ) | (0.32 | ) |
| 2008 T | |||
| Pro-forma revenues | 25,965 | ||
| Pro-forma net loss | (41,921 | ) | |
| Pro-forma basic and diluted loss per share | (0.46 | ) |
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Table of Contents
Table of Contents
| Annual report 2009: | March 25, 2010 | |
| 1 st quarter report 2010: | May 12, 2010 | |
| Annual general meeting: | June 10, 2010 | |
| Half year report 2010: | August 12, 2010 | |
| 3 rd quarter report 2010: | November 11, 2010 |