Evotec SE — Earnings Release 2001

Nov 8, 2001

News Details

Ad-hoc | 8 November 2001 08:37

EVOTEC BioSystems AG english

Third Quarter 2001: Evotec OAI on Track for 2001 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Third Quarter 2001: Evotec OAI on Track for 2001 November 8, 2001 – Evotec OAI AG (NM: EVT) grew as planned during the first nine months of 2001. Revenues amounted to EUR 39.6 million, an increase of 304% over 2000. This strong increase over 2000 is largely attributed to the acquisition of the chemistry business late in 2000 as well as rapid organic growth in drug discovery services. We are pleased with our performance to date. We expect significant additional revenues from deliveries in Q4, which is usually the strongest quarter for revenue recognition in our fiscal year. Several new partnerships signed. In the third quarter of 2001 Evotec OAI entered into several new agreements with leading pharmaceutical and biotechnology companies. In addition to numerous new orders in the Development Chemistry Services Division we started or extended a series of agreements in Discovery Chemistry and Biology Services with new partners including contracts with Pharmacia Corporation, Rigel Pharmaceuticals, VitaResc and Byk Gulden. Operating loss reduced. Excluding non-cash effects the loss from operations for the first nine months decreased as expected from EUR (13.2) million in 2000 to EUR (11.9) million in 2001. Including non-cash effects of EUR 103 million, the operating loss amounted to EUR (114.9) million. The largest part of non-cash effects is goodwill amortisation from acquisitions, a type of charge which will no longer be accounted for from January 1, 2002 onwards. Excluding these non-cash effects, net loss in the first nine months was EUR (11.8) million. EBITDA and EBITDA per share improved. Earnings before interest and taxes, depreciation and amortisation (EBITDA) improved to EUR (4.1) million compared to EUR (10.9) million in the previous year. EBITDA per share improved to EUR (0.11) from EUR (0.45) in 2000. Solid cash position. Our cash position as of September 30, 2001 was EUR 27.4 million (cash and investment securities). In 2002 we expect a continuous improvement of net cash used in operating activities and a level of investment significantly lower than in 2001. Outlook. For the current year our order book today already accounts for 93% of analysts’ revenue expectations of around EUR 67 million. The completion of our Mark III system is proceeding well and according to plan. In line with expectations, revenue recognition from this exciting project as well as a stronger sales contribution from pilot plant production towards the end of the year should lead to an extraordinarily strong fourth quarter of 2001. Evotec OAI’s business development pipeline is strong and makes us confident we will achieve further growth in 2002. We expect to build on our numerous and long- lasting relationships with blue chip pharmaceutical companies and expect to further increase new collaborations with biotech partners. The continued excellence of our integrated service offering is our primary objective. It distinguishes Evotec OAI as a true leader in drug discovery services from target to IND based on proprietary technologies. Anne Hennecke, Investor Relations Phone: 0049 – 40 – 56081286 E-mail: anne.hennecke@evotecoai.com end of ad-hoc-announcement (c)DGAP 08.11.2001 ——————————————————————————– WKN: 566480; Index: NEMAX-50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 080837 Nov 01