Evotec SE — Earnings Release 2001

Mar 25, 2002

News Details

Ad-hoc | 25 March 2002 07:52

Evotec OAI AG english

Evotec OAI AG FY 2001: Continued Strong Progress and an Optimistic Outlook Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Rapid organic growth in drug discovery services and the acquisition of OAI propelled Evotec OAI sales by 124% to EUR 63.2m (2000: EUR 28.3m). This takes into account revenues of EUR 2.5m deferred from Q4 2001 into Q1 2002 due to the adoption of the new revenue recognition policies under US GAAP and US GAAS. For the first time, we reduced our operating loss before merger-related amortisation year-on-year, despite increased R&D investment. It improved by 11% to EUR (12.8)m (2000: EUR (14.4)m). Including non-cash effects of EUR 139.6m, operating loss totalled EUR (152.5)m (2000: EUR (48.9)m). This increase is the result of the full consolidation of OAI (amortisation charge in 2000 for Q4 only). Adjusted net loss was reduced by 35% to EUR (8.1)m (2000: EUR (12.4)m). Adjusted loss per share improved by 50% to EUR (0.23) (2000: EUR (0.46)). EBITDA improved significantly by 89% to EUR (1.0)m (2000: EUR (9.5)m). In Q3, we achieved positive EBITDA for the first time. This trend continued through Q4, resulting in close to EBITDA break-even for the full year. We achieved positive cash flow in Q4 as a result of very strong Q4 revenues. At 31 Dec. 2001, our liquidity amounted to EUR 27.8m. We extended several multi-year collaborations, including Serono, Pharmacia, Amgen, Vertex, Curis, Biogen and Pfizer. In addition, we expanded our customer base significantly, including an important partnership with Merck&Co. Today, Evotec OAI announced a new integrated service agreement with SiREEN. At the beginning of 2002, our order book is stronger than ever before: it already accounts for more than 40% of forecasted 2002 revenues (analyst consensus). We are confident achieving our targeted growth in service revenues of over 20% p.a. also in 2002 and remain positive on the analyst consensus. As a result of EUR 2.5m deferred into Q1 2002 we expect revenue growth in this quarter to be significantly above the expected average year-on-year growth rate. As goodwill from acquisitions will no longer be amortised, we anticipate a substantial improvement in our operating results for 2002. In addition, the positive trend in EBITDA and operating result before merger-related amortisation, adjusted for seasonal effects, is expected to be maintained in 2002. end of ad-hoc-announcement (c)DGAP 25.03.2002 ——————————————————————————– WKN: 566480; ISIN: DE0005664809; Index: NEMAX-50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 250752 Mär 02