Earnings Release • Apr 10, 2008
Earnings Release
Open in ViewerOpens in native device viewer
Phase III ARISER trial with Rencarex®: positive result of the interim analysis for futility received and patient recruitment in Europe completed
SPA granted for CA9-SCAN Phase III registration trial
IND received for second WX-671 Phase II trial
Income and expenses within guidance
Quarterly Report 1/2008
| Key figures | Q1 20081) EUR '000 |
Q1 20071) EUR '000 |
Change in % |
|---|---|---|---|
| Earnings | |||
| Other operating income | 560 | 506 | 10.6 |
| Operating expenses | (5,751) | (5,878) | (2.2) |
| of which research and development costs | (4,732) | (5,017) | (5.7) |
| Operating result | (5,191) | (5,371) | (3.4) |
| Earnings before tax | (4,884) | (4,925) | (0.8) |
| Net loss for the period | (4,891) | (4,925) | (0.7) |
| Earnings per share in EUR | (0.41) | (0.41) | (0.7) |
| Balance sheet as at end of period | |||
| Total assets | 31,577 | 56,065 | (43.7) |
| Cash and cash equivalents 2) | 28,039 | 52,649 | (46.7) |
| Equity | 21,168 | 42,929 | (50.7) |
| Equity ratio 3) in % | 67.0 | 76.6 | (12.4) |
| Cash flow statement | |||
| Cash flow from operating activities | (6,393) | (4,070) | 57.1 |
| Cash flow from investing activities | (25) | (22) | 14.3 |
| Cash flow from financing activities | (22) | (425) | (94.9) |
| Employees (number) | |||
| Employees as at end of period | 60 | 49 | 22.4 |
| Employees – average for reporting period | 59 | 48 | 22.9 |
1) The quarter begins on 1 December and ends on 29 February: Previous year adjusted accordingly.
2) Including financial assets
3) Equity/total assets
In the first quarter (1 December 2007 to 29 February 2008) of the current financial year all of our clinical projects developed successfully. Our portfolio with two Phase III candidates and one Phase II programme continued to mature. Details on all of our programmes can be found on the following pages.
RENCAREX®: In December 2007 WILEX announced a positive result of the interim analysis for futility of its Phase III ARISER trial with RENCAREX®. The evaluation of the Independent Data Monitoring Committee revealed that the trial will probably deliver a significant result. Patient recruitment in Europe was completed in January 2008. Recruitment in the Americas will continue for a few months. Currently, more than 95% of the planned total of 856 patients have been enrolled in the trial.
CA9-SCAN: At the beginning of February 2008, WILEX received a Special Protocol Assessment (SPA) for the Phase III registration trial of CA9-SCAN from the US Food and Drug Administration (FDA). The SPA documents the fact that the FDA considers the design and planned analysis of the clinical trial to be suitable for the submission of an application for approval.
WX-671: In January 2008, the FDA approved WILEX's Investigational New Drug (IND) application for a Phase II clinical trial with our WX-671 drug candidate in patients with breast cancer.
Earnings in the first quarter of the current financial year saw an improvement compared with the same quarter in 2007. Other operating income, which includes payments from project partners drawn on as the trials progress, rose to EUR 0.56 million in the first quarter of 2008, up 10.6% on the first quarter of the previous year. In spite of the continued development of the programmes in the first quarter of 2008, research and development costs fell by 5.7% year-on-year to EUR 4.73 million. Earnings before tax in the first quarter developed in line with planning at EUR –4.88 million.
We will continue to focus on our research and development projects as well as pursue our commercialisation strategy. We hope that you, our shareholders, will continue to accompany us on our path, and we thank you for the trust you have placed in us. We also look forward to seeing you at our ordinary Shareholders' Meeting in Munich on 3 June 2008.
Sincerely,
Peter Llewellyn-Davies, CFO
WILEX shares opened the financial year at EUR 5.11 and reached their quarterly low of EUR 4.45 on 6 December 2007. However, the shares made a recovery following the publication on 13 December 2007 of the positive recommendation by the Independent Data Monitoring Committee (IDMC) in connection with the interim analysis for futility for the Phase III ARISER trial. The shares reached their quarterly high of EUR 7.25 on 7 January 2008 and closed the quarter on 29 February 2008 at a price of EUR 5.89. In the first quarter, WILEX shares thus outperformed the Prime Biotechnology Index and comparable shares from the German biotech sector.
The daily trading volume increased considerably in the first quarter of 2008, reaching an average of 12,665 WILEX shares per day (Q1 2007: 2,650 shares), with XETRA trading accounting for 76% of this amount.
| 150 Key share figures 140 (XETRA) 130 |
Q1 2008 EUR |
Q1 2007 EUR |
|---|---|---|
| 120 Opening price (beginning of period) 110 |
5.11 | 13.75 |
| 100 Closing price (end of period) |
5.89 | 15.60 |
| 90 High 80 |
7.25 | 16.00 |
| 70 Low |
4.45 | 13.75 |
| Market capitalisation (end of period) in EUR million |
70.46 | 186.62 |
| Closing price, change vs. 13.11.2006 (IPO) | (57.32%) | 13.40% |
| Average daily trading volume, shares (all stock exchanges) | 12,665 | 2,650 |
WILEX stepped up its investor relations activities in the United States by participating at various conferences during the first quarter such as the JP Morgan 26th Annual Healthcare Conference in San Francisco and the 7th Annual North America Forum for Investing and Partnering in Biotech Conference in Boston. There, and at road shows in Europe we outlined the progress being made in our projects in one-on-one meetings with investors and analysts. This year we are planning to attend a large number of conferences. More information can be found on our website under Investor Relations/Dates and Events. On 20 February 2008, we presented our results for the 2007 financial year and our 2007 Annual Report at the financials press conference and analysts' meeting in Munich.
for the period from 1 December 2007 to 29 February 2008
In our view, the medical need in the target indications of our drug and diagnostic candidates remains very high despite the recent approval in Russia of Oncophage® for the adjuvant therapy of non-metastatic clear cell renal cell carcinoma, the target indication of RENCAREX®.
If the current Phase III registration trial confirms that CA9-SCAN is significantly more specific than the methods used to date, it could improve treatment planning and post-operative follow-up for patients with kidney tumours. Since no comparable method has been approved yet, CA9-SCAN represents an attractive market.
The uPA inhibitors which are currently in Phase II clinical development in our view also offer considerable market potential. Two of our products, WX-671 and WX-UK1, could play a key role in permanently restricting the growth of various types of cancer by inhibiting the uPA system in patients. To the best of our knowledge, no other products based on a comparable mechanism (inhibition of metastasis) are currently in clinical development.
The development of RENCAREX®, our drug candidate for the adjuvant treatment of clear cell renal cell carcinoma, again made excellent progress in the first quarter of 2008. Following the positive result of the interim analysis for futility regarding the Phase III ARISER trial with RENCAREX® in December 2007, we successfully completed patient recruitment in Europe in January 2008. Recruitment in the Americas will continue for several months to ensure that the percentage of US patients in the trial is maintained. Currently, more than 95% of the planned total of 856 patients have been enrolled in the trial. We still expect to reach the total of the 343 relapses required for an interim analysis for efficacy in early 2009.
In February, we received a Special Protocol Assessment (SPA) from the US Food and Drug Administration (FDA) for our second product in a Phase III registration trial, CA9-SCAN, which is designed to improve the diagnosis of clear cell renal cell carcinoma. Patient recruitment and follow-up in the trial should be completed in 2008. The data and study report can be expected three to six months later. Assuming the results of the trial are positive, we will submit an application for approval. We anticipate that the SPA will significantly shorten the time to approval.
In January 2008, we announced the positive results of a Phase I trial with the drug candidate WX-UK1 in intensively pre-treated patients with solid tumours. In addition to reaffirming the safety and tolerability of the substance, this trial showed encouraging effects in some patients including evidence of prolonged stable disease. In January, the FDA also approved our Investigational New Drug (IND) application for the start of a Phase II clinical trial of our drug candidate WX-671 in patients with breast cancer. The uPA inhibitor will now be tested in two Phase II trials.
WILEX has organised a satellite symposium in Berlin on Friday, April 18, 2008 at the 6th European Breast Cancer Conference (EBCC 6). At this symposium, international experts will present the status of current uPA research from a scientific and clinical perspective.
WILEX posted earnings before tax of EUR –4.88 million for the first three months of the 2008 financial year (previous year: EUR –4.93 million). The net loss for the period amounted to EUR –4.89 million, a substantial improvement compared with the last quarter of 2007 (EUR –6.23 million). This was mainly due to lower expenditure on research and development. Earnings per share in the first quarter totalled EUR –0.41, exactly level with the prior-year period (Q1 2007: EUR –0.41).
As in previous reporting periods, WILEX did not generate revenues in the first quarter of 2008 since all its products are still in clinical development phases. Other operating income rose to EUR 0.56 million in the first three months of the year (Q1 2007: EUR 0.51 million) thanks to the higher income generated from milestone payments by our cooperation partner Laboratorios del Dr Esteve S.A. (Esteve). In addition, we received further proceeds from the US Department of Defense, which provides financial support totalling approximately USD 5 million for our uPA programme. Operating income was also affected by the reversal of other provisions. Compared with the fourth quarter of 2007 (EUR 0.43 million), other operating income improved by approximately 30%.
Operating expenses of EUR 5.75 million in the first quarter of 2008 were down 2.2% on the previous year's figure (EUR 5.88 million), and within budget. The reduction is largely due to patient recruitment in lower-cost centres for the ARISER trial with RENCAREX®. 82.3% (previous year: 85.4%) of operating expenses were attributable to research and development costs of EUR 4.73 million (previous year: EUR 5.02 million). Approximately 77% of this amount was invested in the clinical development of monoclonal antibodies (RENCAREX® and CA9-SCAN) and 20% in the development of small molecule drugs (WX-671 and WX-UK1).
Since the 2007 annual financial statements, quality control costs have been allocated to research and development costs.
Administrative costs totalled EUR 1.02 million (previous year: EUR 0.86 million). The increase of 18.4% in the first quarter of 2008 compared with the previous year is primarily growth-related and the result of a higher number of employees. Besides the usual general and administrative costs, these expenses also include expenditure on business development and patents as well as the pro rata measurement of the stock option plan.
As in previous quarters, WILEX's net financial result in the first quarter of 2008 was distinctly positive. This is mainly due to the investment of funds not yet drawn on for clinical development in fixed-term deposits and other types of short-term investment. The outflow of funds and the resulting decrease in interest income led to a net financial result of EUR 0.31 million in the first quarter (previous year: EUR 0.45 million).
Total assets declined by 16.1% to EUR 31.58 million at the end of the first quarter, down EUR 6.05 million compared with the close of 2007. As in the previous quarters, the decrease in assets is attributable to the use of funds for clinical development, with the corresponding reduction in equity.
Cash and cash equivalents include financial investments of EUR 15 million. Other current and non-current assets remained almost unchanged compared to the end of the year.
Equity as at 29 February 2008 totalled EUR 21.17 million, almost EUR 4.78 million less than at the end of the 2007 financial year (EUR 25.95 million). The equity ratio thus fell from 69.0% as at 30 November 2007 to 67.0% in line with forecasts. The Company's liquidity ratio (cash positions plus bank credit balances divided by current liabilities) was 276.7% at the end of the quarter (30 November 2007: 307.2%).
Non-current liabilities decreased from EUR 0.55 million to EUR 0.28 million in the first quarter. Current liabilities of EUR 10.13 million were 8.92% below the level reported at the end of the 2007 financial year (EUR 11.12 million). Trade payables rose, while other current liabilities fell as a result of lower provisions and the scheduled reduction in accruals for the payments by the US Department of Defense and Esteve.
Other current liabilities are comprised as follows:
| 29.2.2008 EUR '000 |
30.11.2007 EUR '000 |
|
|---|---|---|
| Accruals for holidays not taken | 286 | 262 |
| Accruals US Department of Defense | 884 | 962 |
| Accruals Esteve 1) | 1,268 | 1,387 |
| Other deferred income | 2 | 4 |
| Social security and other taxes | 146 | 93 |
| Payment obligations under licence acquisitions 1) | 192 | 356 |
| Accrued liabilities | 4,779 | 6,232 |
| Total | 7,557 | 9,296 |
1) of which current portion
Net cash used in operating activities totalled EUR 6.29 million in the first quarter, which corresponds to an average cash burn rate of EUR 2.10 million per month. At EUR 0.02 million, the cash used in investing activities remained at the prior-year level (EUR 0.02 million). Cash used in financing activities also amounted to EUR 0.02 million in the first quarter of 2008. In the previous year's period, cash used in financing activities amounted to EUR 0.43 million due to payments made subsequent to the IPO.
Compared with 30 November 2007, the total number of employees rose from 57 to 60. In the first quarter of 2008, WILEX primarily recruited new administrative staff.
In the first quarter of 2008, no subscription rights were issued to employees and members of the Executive Management Board as part of the Stock Option Plan. In addition, no options were returned or exercised. Consequently, there was no change in the number of options issued to employees and members of the Executive Management Board, which remained at 907,584. A total of 381,573 options are therefore still available for issuance.
There were no related party transactions in the period under review.
No significant events occurred after the balance sheet date.
WILEX described its risks and opportunities in detail on pages 48 to 53 of its 2007 Annual Report. Please see these detailed disclosures for more information.
WILEX uses an IT-based risk management system for purposes of early risk identification; the system complies with the requirements of the German Control and Transparency in Business Act (Gesetz zur Kontrolle und Transparenz im Unternehmensbereich). This system serves to identify and assess risks as well as to monitor the measures aimed at minimising risk. A total of 16 risk areas are subject to comprehensive early control of potential risks. All material risks are addressed in a risk report that is made available to the Executive Management Board fortnightly.
WILEX is exposed to the risks typical for a biotechnology company, namely those arising from the development and production of drug candidates used in cancer therapies. The time between the commencement of drug development and licensing usually spans several years. Even though our portfolio matured further in the past financial year, there is a continued risk that none of our current drug and diagnostic candidates will receive marketing approval.
From the current perspective, there are no discernible risks that could jeopardise the Company as a going concern in the 2008 financial year. The Executive Management Board assumes that additional inflows of capital will be generated through further partnerships or cooperation agreements. However, in order not to jeopardise its existence as a going concern over the medium to long term, WILEX must generate sales revenues and look to the capital market to raise funds, if necessary.
All of the research and development projects of WILEX AG are proceeding according to plan. We can therefore confirm all aspects of the outlook published in the 2007 Annual Report. After the successful completion of patient recruitment in the Phase III registration trial of RENCAREX® in Europe, we are planning to complete recruitment in the Americas in 2008. Patient recruitment and follow-up in the Phase III registration trial of CA9-SCAN will be carried out in accordance with the SPA and we anticipate to complete recruitment by the end of 2008. The data and trial report should be available three to six months later. We plan to start patient recruitment in the Phase II trial of WX-671 for patients with breast cancer. Plans are to complete patient recruitment in the Phase II trial of WX-671 for patients with pancreatic cancer in 2008. We also expect the first initial results to be available later this year. In 2008, WILEX intends to pursue the commercialisation of its portfolio.
The financial guidance also remains unchanged from the statements made in the 2007 Annual Report. According to these, WILEX needs funds of between EUR 26 million and EUR 30 million for the financial year. Consequently, WILEX assumes that the Company's funds could suffice until the first quarter of the 2009 calendar year if its projects continue to be implemented in line with planning and no additional inflows of capital are generated.
of WILEX AG in accordance with IFRS for the period from 1 December 2007 to 29 February 2008
| Q1 2008 EUR |
Q1 2007 EUR |
|
|---|---|---|
| Revenue | 0 | 0 |
| Other operating income | 560,125 | 506,392 |
| Income | 560,125 | 506,392 |
| Research and development costs | (4,731,949) | (5,016,516) |
| Administrative costs | (1,018,701) | (861,114) |
| Operating expenses (incl. depreciation/amortisation) |
(5,750,651) | (5,877,630) |
| OPERA TING RESUL T |
(5,190,526) | (5,371,237) |
| Finance income | 311,202 | 461,327 |
| Finance costs | (4,720) | (15,518) |
| Net financial result | 306,482 | 445,809 |
| EARNINGS BEFORE TAX |
(4,884,044) | (4,925,428) |
| Income tax | (7,431) | 0 |
| NET LOSS FOR THE PERIO D |
(4,891,475) | (4,925,428) |
| Earnings per share | ||
| Basic and diluted earnings per share | (0.41) | (0.41) |
| Average number of shares issued | 11,962,754 | 11,962,754 |
Rounding of exact figures may result in differences.
of WILEX AG in accordance with IFRS
| Q1 2008 EUR '000 |
Q4 2007 EUR '000 |
Q3 2007 EUR '000 |
Q2 2007 EUR '000 |
Q1 2007 EUR '000 |
|
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Other operating income | 560 | 425 | 940 | 711 | 506 |
| Operating expenses | (5,751) | (7,024) | (6,668) | (6,941) | (5,878) |
| of which research and development costs | (4,732) | (6,052) | (5,911) | (6,020) | (5,017) |
| Operating result | (5,191) | (6,598) | (5,728) | (6,230) | (5,371) |
| Earnings before tax | (4,884) | (6,229) | (5,304) | (5,775) | (4,925) |
| NET LOSS FOR THE PERIO D |
(4,891) | (6,234) | (5,317) | (5,782) | (4,925) |
| Basic and diluted earnings per share* in EUR | (0.41) | (0.52) | (0.44) | (0.48) | (0.41) |
* Average number of shares issued:11,962,754
of WILEX AG in accordance with IFRS as at 29 February 2008 and as at 30 November 2007
| ASSE TS |
29.2.2008 EUR |
30.11.2007 EUR |
|---|---|---|
| Property, plant and equipment | 506,073 | 523,843 |
| Intangible assets | 1,523,421 | 1,557,092 |
| Non-current assets | 2,029,495 | 2,080,935 |
| Inventories | 22,200 | 22,200 |
| Other assets and prepayments | 1,238,046 | 1,242,720 |
| Other receivables | 247,696 | 111,011 |
| Financial investments | 15,535,020 | 15,374,513 |
| Cash and cash equivalents | 12,504,348 | 18,795,851 |
| Current assets | 29,547,310 | 35,546,295 |
| TOTAL ASSE TS |
31,576,804 | 37,627,230 |
| EQUITY AND LIABILITIES | 29.2.2008 EUR |
30.11.2007 EUR |
|---|---|---|
| Subscribed capital | 11,962,754 | 11,962,754 |
| Capital reserve | 105,023,650 | 104,914,715 |
| Accumulated losses | (95,818,264) | (90,926,789) |
| Equity | 21,168,140 | 25,950,680 |
| Pension provisions | 22,072 | 21,877 |
| Liabilities arising from leasing agreements | 0 | 22,977 |
| Other non-current liabilities | 254,277 | 506,974 |
| Non-current liabilities | 276,348 | 551,828 |
| Trade accounts payable | 2,493,245 | 1,747,900 |
| Liabilities arising from leasing agreements | 82,540 | 81,275 |
| Other current liabilities | 7,556,531 | 9,295,547 |
| Current liabilities | 10,132,316 | 11,124,722 |
| TOTAL EQUITY AND LIABILITIES | 31,576,804 | 37,627,230 |
of WILEX AG in accordance with IFRS for the period from 1 December 2007 to 29 February 2008
| Q1 2008 EUR |
Q1 2007 EUR |
|
|---|---|---|
| Net loss for the period | (4,891,475) | (4,925,428) |
| Adjustment for income statement items: | ||
| Measurement of stock options | 108,934 | 167,813 |
| Depreciation/amortisation | 67,073 | 50,365 |
| Increase in pension obligations | 195 | 195 |
| Finance costs | 4,720 | 15,518 |
| Finance income | (311,202) | (461,327) |
| Tax expense | 7,431 | 0 |
| (122,849) | (227,436) | |
| Changes in net working capital: | ||
| Other receivables | (136,684) | (25,656) |
| Prepayments | 4,674 | (61,100) |
| Trade accounts payable | 745,345 | 554,553 |
| Other liabilities | (1,991,714) | 615,443 |
| (1,378,380) | 1,083,241 | |
| Cash flow from operating activities | (6,392,703) | (4,069,624) |
| Interest paid | (3,003) | (3,929) |
| Interest received | 150,696 | 461,327 |
| NET CASH FLO W FROM OPERA TING ACTIVITIES |
(6,245,011) | (3,612,225) |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment | (24,184) | (21,671) |
| Purchase of intangible assets | (597) | 0 |
| NET CASH FLO W FROM INVESTING ACTIVITIES |
(24,781) | (21,671) |
| Cash flow from financing activities | ||
| Capital increase costs | 0 | (404,968) |
| Repayment finance leasing | (21,711) | (20,410) |
| NET CASH FLO W FROM FINAN CING ACTIVITIES |
(21,711) | (425,378) |
| NET CHANGE IN CASH AND CASH EQUIVALEN TS |
(6,291,503) | (4,059,275) |
| Cash and cash equivalents | ||
| at beginning of period | 18,795,851 | 56,708,532 |
| at end of period | 12,504,348 | 52,649,258 |
of WILEX AG in accordance with IFRS for the period from 1 December 2007 to 29 February 2008
| Shares | Subscribed capital EUR |
Capital reserve EUR |
Accumulated losses EUR |
Total EUR |
|
|---|---|---|---|---|---|
| As at 1 December 2006 | 11,962,754 | 11,962,754 | 104,426,653 | (68,669,279) | 47,720,128 |
| Capital procurement costs IPO | (33,719) | (33,719) | |||
| Measurement of stock options | 167,813 | 167,813 | |||
| Net loss for the period | (4,925,428) | (4,925,428) | |||
| Total net loss | (4,791,335) | ||||
| As at 28 February 2007 | 11,962,754 | 11,962,754 | 104,560,746 | (73,594,707) | 42,928,793 |
| As at 1 December 2007 | 11,962,754 | 11,962,754 | 104,914,715 | (90,926,789) | 25,950,680 |
| Measurement of stock options | 108,934 | 108,934 | |||
| Net loss for the period | (4,891,475) | (4,891,475) | |||
| Total net loss | (4,782,540) | ||||
| As at 29 February 2008 | 11,962,754 | 11,962,754 | 105,023,650 | (95,818,264) | 21,168,140 |
The interim financial statements reproduced in this report were prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB) and in compliance with the Interpretations of the Standing Interpretations Committee (SIC) and the International Financial Reporting Interpretations Committee (IFRIC) as well as in accordance with the IFRS recognised by the European Union. These interim financial statements must be read in the context of the annual financial statements as at 30 November 2007 published by the Company for the 2007 financial year. The interim financial statements as at 29 February 2008 were prepared in accordance with the same accounting policies as the annual financial statements.
The Company's assets, liabilities and financial position as well as the individual items of the quarterly financial statements are explained in detail in the interim management report.
WILEX has no subsidiaries. All business activities are carried out by WILEX AG. WILEX therefore prepares singleentity financial statements in accordance with IFRS. The Company's business activities are not subject to seasonal influences.
As the business activities do not differ significantly in their risk/reward profiles, WILEX operates in one segment only and therefore does not prepare segment reporting.
The interim financial statements have not been audited and were not subject to a review. They were approved for publication by the Executive Management Board on 9 April 2008.
During the period from 1 December 2007 to 29 February 2008, the officers and directors of the Company did not report any securities dealings that require disclosure under Section 15a of the German Securities Trading Act (WpHG).
The Company's subscribed capital remained unchanged at EUR 11.96 million, compared to the 30 November 2007 balance sheet date and the same quarter of the previous year (28 February 2007). At 11,962,754, the number of bearer shares of common stock also remained the same.
The measurement of stock options resulted in an increase in the capital reserve of EUR 109 thousand to EUR 105.02 million in the first three months of the current financial year. In accordance with IFRS 2, the expenses for stock options are recognised in income at fair value over the estimated vesting period. In addition to these expenses (EUR 168 thousand), costs incurred directly in connection with raising equity by way of an IPO totalling EUR 33.7 thousand were charged to the capital reserve in the first quarter of the previous financial year.
The net loss for the first quarter of EUR 4,891 million brings the deficit accumulated by WILEX AG since the beginning of its operations to EUR 95.82 million.
Overall, the Company's equity decreased by EUR 4.78 in the first three months, which is almost on par with the figure reported in the first quarter of the previous year (EUR –4.79 million).
"To the best of our knowledge, and in accordance with the applicable reporting principles, the financial statements for the first quarter give a true and fair view of the assets, liabilities, financial position and profit or loss of WILEX AG, and the interim management report includes a fair review of the development and performance of the business and the position of WILEX AG, together with a description of the principal opportunities and risks associated with the expected development of WILEX AG."
Munich, Germany, 9 April 2008
The Executive Management Board
Peter Llewellyn-Davies Prof. Dr. Olaf G. Wilhelm Dr. Paul Bevan Dr. Thomas Borcholte
| 10 April 2008 | Interim Financial Report 1/2008 |
|---|---|
| 3 June 2008 | Annual General Meeting/Shareholders' Meeting in Munich |
| 14 July 2008 | Interim Financial Report 2/2008 |
| 13 October 2008 | Interim Financial Report 3/2008 |
Published by: WILEX AG
Grillparzerstr. 10 81675 Munich, Germany Tel. +49(0)89–413138–0 Fax +49(0)89–413138–99 www.wilex.com [email protected]
Design by: Annika Müller Artdirection und Design, Hamburg
Peter Llewellyn-Davies Katja Arnold (CIRO) Juliane Giese Chief Financial Officer Investor Relations Public Relations Tel. +49(0)89–413138–20 Tel. +49(0)89–413138–126 Tel. +49(0)89–413138–29 Fax +49(0)89–413138–98 Fax +49(0)89–413138–99 Fax +49(0)89–413138–99 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected]
This Interim Financial Report is also published in German and is available for download from our website at www.wilex.com
The English translation of this Interim Financial Report is provided for convenience only. The German original is authoritative.
As at: 9 April 2008
Grillparzerstr. 10 81675 Munich Germany www.wilex.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.