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Philogen Earnings Release 2020
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Earnings Release
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PHILOGEN S.p.A.
THE BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS AND THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2020
- Revenue from contracts with customers amounting to €4,778 thousand (€12,611 thousand in 2019)
- EBITDA negative €10,632 thousand (positive €636 thousand in 2019)
- EBIT negative €12,129 thousand (negative €466 thousand in 2019)
- Net loss of €13,285 thousand (profit of €1,402 thousand as of 31 December 2019)
- Net financial indebtedness positive for €44,238 thousand (positive for €60,699 thousand as of 31 December 2019)
AT THE SAME MEETING THE BOARD OF DIRECTORS RESOLVED, INTER ALIA, TO:
- Submit a Stock Grant Incentive Plan for Group employees to the Shareholders' Meeting for approval
- Propose at the Shareholders' Meeting to increase the share capital free of charge to enable the aforementioned Incentive Plan
- Approve the draft financial statements as of 31 December 2020 of Palio Ordinarie S.p.A., merged by incorporation into Philogen with effect from 12 January 2021
- Convene the Ordinary and Extraordinary General Meeting of Shareholders
Siena (Italy), 27 April 2021 - the Board of Directors of Philogen S.p.A. (the "Company" or "Philogen") and, together with its Swiss subsidiary Philochem, (the "Group"), which met today under the chairmanship of Dr. Duccio Neri, approved the draft financial statements for the year ended 31 December 2020 and the consolidated financial statements for the year ended 31 December 2020, prepared in accordance with IAS/IFRS.
Dario Neri, CEO of Philogen, commented on the results for the year and the evolution of the business:
"On 19 November 2020, our Parent Company's Board of Directors granted approval to proceed with the listing of Philogen S.p.A. on the Mercato Telematico Azionario, organised and managed by Borsa Italiana S.p.A.. The transaction was completed on 3 March 2021 and provided the Group with the financial resources required to execute its business plan.
The FY2020 results reflect the Group's change in strategy, already initiated in 2019, to focus primarily on the clinical development of its two most advanced proprietary products: Nidlegy™ and Fibromun. Development continues according to plan.
In particular:
- 164 of the 214 patients scheduled for the Phase III study of Nidlegy™ in Stage IIIB,C melanoma in Europe have been treated. We expect the treatment of the 214 patients to be completed by the first half of 2022.
- We are expanding activities with Nidlegy™ also in skin cancers other than melanoma in a growing number of European countries, following promising results observed in the Phase II study in Switzerland, which were presented at the World Melanoma Congress in April 2021.
- We are conducting potentially registrational clinical trials with Fibromun in various types of soft tissue sarcoma (first and third line) as well as in gliomas (first and second line).
- We are also making progress in the field of small molecule therapeutics and have just published the preclinical results obtained with OncoFAP in the prestigious journal Proceedings of the National Academy of Sciences U.S.A. The clinical results, which are now coming in, are very encouraging.
- The Group continues to be productive in terms of technology and new products, some of which have started the 'GMP manufacture' development phase, with a view to clinical trials".
CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2020
The Group's Total Revenue as of 31 December 2020 amounted to Euro 6,345 thousand, a decrease compared to 31 December 2019 of Euro 10,171 thousand, and consisted of (i) Revenue from contracts with customers amounting to Euro 4,778 thousand and (ii) Other Income amounting to Euro 1,567 thousand. The decrease is mainly due to the Group's intention to focus on the clinical development of the most advanced products in its pipeline. However, outlicensing contracts with existing customers remain in force.
Operating expenses, amounting to €16,977 thousand, show an increase of 6.9% compared to the year ended 31 December 2019. The change is mainly attributable to the allocation of an extraordinary component for the cost of a bonus that was provided to a member of the Board of Directors due to his operational commitment to the development of the most advanced products in the Group's pipeline. Net of this component, operating expenses of €15,477 thousand are substantially in line with 2019.
EBITDA shows a negative value of Euro 10,632 thousand compared to a positive value of Euro 636 thousand for the year ended 31 December 2019.
Depreciation and amortisation, which amounted to €1,496 thousand, showed an increase of 35.8% compared to the year ended 31 December 2019, due to the depreciation of assets by right of use, related to the real estate reorganisation operations that took place during 2019.
EBIT was negative at Euro 12,129 thousand compared to negative Euro 466 thousand at 31 December 2019.
Net financial expenses at 31 December 2020 amounted to €290 thousand compared to a positive balance at 31 December 2019 of €2,890 thousand. The change mainly reflects the negative performance of the financial markets related to the effects of the Covid-19 pandemic.
The result for this period, as a consequence of the above, shows a decrease from a profit of €1,402 thousand in the year ended 31 December 2019 to a loss of €13,285 thousand in the year ended 31 December 2020.
Net financial indebtedness at 31 December 2020 amounted to €(44,238) thousand compared to net financial indebtedness of €(60,699) thousand at 31 December 2019. The change mainly reflects the cash flows absorbed by core operations in the year ended 31 December 2020 and investments in progress.
VARIANCE BETWEEN ACTUAL CONSOLIDATED DATA AND FORECAST DATA AS OF 31 DECEMBER 2020
| Figures in thousands of Euros | Forecast data | Final balance | |
|---|---|---|---|
| 2020 | 2020 | % | |
| Revenues from contracts with customers | 4,811 | 4,778 | (0.7)% |
| EBITDA | (12,415) | (10,632) | 14.4% |
| EBIT - Operating profit | (13,903) | (12,129) | 12.8% |
| Profit before tax | (15,534) | (12,419) | 20.1% |
| Net result | (16,497) | (13,285) | 19.5% |
| Net financial debt | (45,228) | (44,238) | (2.2)% |
Revenues from contracts with customers are in line with the provisional data, showing a slight decrease of 0.7% due to the lower progress of orders in progress.
EBITDA shows an improvement of 14.4% compared to the forecast data mainly due to two reasons: (i) higher contributions during the year of approximately Euro 400 thousand related to the "Industria 4.0" relief for the advance payment of costs for the construction of the GMP plant in Rosia (Siena) and (ii) lower operating costs of approximately Euro 1,300 thousand as a result of the streamlining of the production structure.
As a result of the above, EBIT shows a positive change of 12.8% compared to the forecast.
The change in Profit before tax (+20.01%) and Net profit (+19.5%) was affected not only by the higher revenues and lower operating costs achieved, but also by a better performance of the financial markets compared to the forecast figure.
Net financial indebtedness amounted to €(44,238) thousand at 31 December 2020, showing a decrease of 2.2% compared to the provisional data, mainly due to approximately €1,000 thousand of costs related to investments for the construction of the new GMP plant at Rosia (Siena).
MAIN EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEAR
On 8 January 2021, the deed of merger by incorporation between the Company and Palio Ordinarie S.p.A. was signed, which became effective on 12 January 2021. The incorporation of Palio Ordinarie S.p.A. contributed to the generation of free float of 17% to enable the listing process.
On 3 March 2021, the Company's ordinary shares were admitted to trading on the Mercato Telematico Azionario, which is organised and managed by Borsa Italiana S.p.A..
On 11 March 2021, following the listing, the Company paid the scheduled bonus for a member of the Board of Directors in the amount allocated to Operating expenses for the year 2020, as indicated above.
FORESEEABLE EVOLUTION OF OPERATIONS
During 2020, there were some downturns in the speed of patient enrolment, the cause of which could be related not only to the general variable trend in the speed of patient enrolment, but also to the Covid-19 emergency. In order to recover from this slight slowdown, the Group intends to open new clinical centres to intensify and speed up enrolment activities.
The Group also reports the following scientific events in the first months of 2021:
- NidlegyTM interim analysis of Phase II study in patients with non-melanoma skin cancer;
- OncoFAP-68Ga - first-in-human diagnostic study of patients with metastatic breast cancer (compassionate use of the drug).
FINANCIAL STATEMENTS OF THE PARENT COMPANY PHILOGEN S.P.A.
The Board of Directors approved the draft financial statements of the parent company Philogen S.p.A..
Revenue from contracts with customers amounted to Euro 4,099 thousand, a decrease compared to the year ended 31 December 2019 of Euro 7,581 thousand, a reduction attributable to the Group's intention to focus on the clinical development of the pipeline. However, existing customer contracts remain ongoing.
Other income amounted to €1,211,000 in 2020, compared to €2,301,000 in the year ended 31 December 2019.
Operating expenses amounted to €14,909 thousand, an increase of 8.43% compared to 31 December 2019.
EBITDA shows a negative value of Euro 9,599 thousand, showing a decrease of Euro 9,831 thousand compared to the year ended 31 December 2019, as a result of a reduction in revenue during the year.
Depreciation and amortisation amounted to €1,074 thousand, an increase of 49.17% compared to the year ended 31 December 2019, due to the depreciation of assets by right of use related to the real estate reorganisation transactions which took place during 2019.
EBIT 2020 was negative at €10,673 thousand, decreasing by €10,185 thousand compared to 31 December 2019, as a result of the above.
Net financial expenses amounted to €196 thousand compared to the positive balance at 31 December 2019 of €2,965 thousand. The change mainly reflects the negative performance of the financial markets related to the effects of the Covid-19 pandemic.
The result from investments showed a negative balance of €1,686 thousand in 2020, decreasing compared to the negative balance of €218 thousand for the year ended December 31, 2019.
The Company's net result for the year ended 31 December 2020 showed a loss of Euro 13,285 thousand compared to the year ended 31 December 2019, which closed with a profit of Euro 1,402 thousand.
Net financial indebtedness as of 31 December 2020 amounted to Euro (47,009) thousand.
PROPOSAL TO COVER THE LOSS FOR THE YEAR
The Board of Directors resolved to propose to the Shareholders' Meeting that the loss for the year ended 31 December 2020, amounting to €13,285 thousand, be fully covered by using the "Retained earnings" reserve.
OTHER SIGNIFICANT RESOLUTIONS OF THE BOARD OF DIRECTORS
1) Approval of the Incentive Plan for Group employees and free share capital increase to enable the Incentive Plan
The Board of Directors resolved to submit to the Shareholders' Meeting the approval of the incentive plan pursuant to Article 114-bis of the Consolidated Law on Financial Intermediation, called "Stock Grant Plan 2024-2026", addressed to Group employees, selected at the sole discretion of the Board of Directors after consulting the Nominations and Remuneration Committee, among those who play a key role, thus actively contributing to the development of the Group's business and the creation of value (the "Plan"). The Plan is aimed at focusing the attention of beneficiaries on strategic objectives for the Company and the Group, fostering their loyalty and at the same time ensuring the alignment of the interests of shareholders and beneficiaries, with a view to pursuing the sustainable success of the Company and the continuous increase in value in the medium-long term.
The purpose of the Plan, which is divided into three cycles, each with a three-year performance period (2021-2024, 2022- 2025, 2023-2026), is to grant beneficiaries a maximum of 877,286 units free of charge, which will entitle them, subject to the achievement of certain performance targets (both corporate and individual), to the allocation of a maximum of 877,286 ordinary shares in total. The aforementioned performance objectives will be identified by the Board of Directors for each cycle and with reference to each beneficiary.
The Plan may be enabled, at the discretion of the Board of Directors, by (a) ordinary shares deriving from a free share capital increase, and/or (b) with the prior authorisation of the Shareholders' Meeting pursuant to Articles 2357 et seq. of the Italian Civil Code, treasury shares owned by the Company.
For the purposes of letter (a), the Board of Directors also resolved to submit to the Shareholders' Meeting the proposal to increase the share capital free of charge and in divisible form, pursuant to Article 2349 of the Italian Civil Code, by the final date of 31 December 2026, for a maximum amount of €123,794 to be fully allocated to share capital, corresponding to a maximum number of 877,286 shares, without any indication of nominal value, with regular entitlement, to be executed in several tranches, in accordance with the terms and conditions of the Plan.
For a detailed description of the Plan, please refer to the information document, drafted pursuant to Article 114-bis of the Consolidated Law on Finance and Article 84-bis of the Issuers' Regulation, which will be made available to the public within the terms provided for by law.
2) Approval of the draft financial statements of Palio Ordinarie S.p.A. as of 31 December 2020.
The Board of Directors resolved to approve the draft financial statements as of 31 December 2020 of Palio Ordinarie S.p.A. merged by incorporation into Philogen with effect from 12 January 2021, and to submit the same to the Shareholders' Meeting for approval.
3) Calling of the Ordinary and Extraordinary Shareholders' Meeting
Finally, the Board of Directors has given a mandate to the Chairman to convene the Ordinary and Extraordinary Shareholders' Meeting of the Company on 31 May 2021 in a single call to resolve, inter alia, the approval of the financial statements as of 31 December 2020, the approval of the 2024-2026 Stock Grant Plan and the free capital increase to enable the same, as well as the approval of the financial statements as of 31 December 2020 of Palio Ordinarie S.p.A..
The notice of meeting of the Shareholders' Meeting and the documentation relating to the items on the agenda provided for by current legislation shall be made available to the public, within the terms and according to the procedures provided for by the laws and regulations in force.
* * *
The Director responsible for preparing the company's financial reports, Laura Baldi, declares, pursuant to Article 154-bis, paragraph 2, of Legislative Decree No. 58/1998, that the accounting information contained in this press release corresponds to the documentary evidence and the books and accounting records.
* * *
In line with the recommendations contained in the ESMA/2015/1415 guidelines of 5 October 2015, it should be noted that this press release contains certain indicators which, although not provided for by IFRS, are derived from financial amounts provided for by IFRS. These indicators - which are presented in order to allow for a better assessment of the Group's
operating performance - should not be considered as alternatives to those provided for by IFRS and are consistent with those shown in the Report and Financial Statements at 31 December 2020. It should also be noted that the methods used to determine these indicators, since they are not specifically regulated by the reference accounting standards, may not be consistent with those adopted by others and, therefore, these indicators may not be adequately comparable. In compliance with Consob Communication no. 9081707 of 16 September 2009, it should be noted that the alternative performance indicators have not been audited by the independent auditors, nor have the attached financial statements.
* * *
Philogen Group Description
Philogen is a Swiss-Italian biotechnology company specialising in the research and development of pharmaceutical products for the treatment of highly lethal diseases. The Group mainly discovers and develops targeted anticancer drugs, exploiting high-affinity ligands for tumour markers (also called tumour antigens). These ligands - human monoclonal antibodies or small organic molecules - are identified using Antibody Phage Display Libraries and DNA-Encoded Chemical Libraries technologies.
The Group's main therapeutic strategy for the treatment of these diseases is tumour targeting. This approach is based on the use of ligands capable of selectively delivering very potent therapeutic actives (such as pro-inflammatory cytokines) to the tumour mass, while sparing healthy tissues. Over the years, Philogen has mainly developed ligands based on monoclonal antibodies, which are specific for antigens expressed in tumour-associated blood vessels, but not expressed in blood vessels associated with healthy tissues. These antigens are usually more abundant and more stable than those expressed directly on the surface of tumour cells. This approach, known as vascular targeting, is used for most of the projects pursued by the Group.
The Group's objective is to generate, develop and market innovative products for the treatment of diseases for which medical science has not yet found satisfactory therapies. This is achieved by exploiting (i) proprietary technologies for the isolation of ligands that react with antigens present in certain diseases, (ii) expertise in the development of products targeted at the tissues affected by the disease, (iii) experience in drug manufacturing and development, and (iv) an extensive portfolio of patents and intellectual property rights.
Although the Group's drugs are primarily oncology applications, the targeting approach is also potentially applicable to other diseases, such as certain chronic inflammatory diseases.
* * *
FOR FURTHER INFORMATION:
Philogen - Investor Relations
[email protected] - Emanuele Puca | Investor Relator
Philogen Group
RECLASSIFIED CONSOLIDATED INCOME STATEMENT AS OF 31 DECEMBER 2020
| Figures in thousands of Euros and in percent |
Year ended 31 December | Variations | ||||
|---|---|---|---|---|---|---|
| 2020 | % | 2019 | % | 2020 vs 2019 | % | |
| Revenues from contracts | 4,778 | 100.0% | 12,611 | 100.0% | (7,833) | (62.1)% |
| Other income | 1,567 | 32.8% | 3,905 | 31.0% | (2,338) | (59.9)% |
| Total Revenues | 6,345 | 132.8% | 16,516 | 131.0% | (10,171) | (61.6)% |
| Operating costs (*) | (16,977) | (355.3)% | (15,880) | (125.9)% | (1,097) | 6.9% |
| EBITDA (**) | (10,632) | (222.6)% | 636 | 5.0% | (11,268) | (1,771.7)% |
| Depreciation | (1,496) | (31.3)% | (1,102) | (8.7)% | (394) | 35.8% |
| EBIT | (12,129) | (253.8)% | (466) | (3.7)% | (11,663) | 2,502.8% |
| Financial income | 2,179 | 45.6% | 3,320 | 26.3% | (1,141) | (34.4)% |
| Financial charges | (2,469) | (51.7)% | (431) | (3.4)% | (2,033) | 471.7% |
| Profit before tax | (12,419) | (259.9)% | 2,423 | 19.2% | (14,842) | (612.5)% |
| Taxes | (866) | (18.1)% | (1,021) | (8.1)% | 155 | (15.2)% |
| Profit (loss) for the period | (13,285) | (278.0)% | 1,402 | 11.1% | (14,687) | (1,047.6)% |
(*) Operating costs are the sum of the following balance sheet items: purchases of raw materials and consumables, costs for services, costs for leases and rentals, personnel costs and other operating costs.
(**) EBITDA is the operating result before depreciation and amortisation. EBITDA is a measure defined and used by the Group to monitor and evaluate the Group's operating performance, but it is not defined within IFRS; therefore, it should not be considered as an alternative measure for evaluating the Group's operating performance. The Company believes that EBITDA is an important parameter for measuring the Group's performance as it allows the analysis of the Group's marginality by eliminating the effects deriving from non-recurring economic elements. Since EBITDA is not a measure whose determination is regulated by the reference accounting principles for the preparation of the Group's consolidated financial statements, the criteria applied to determine EBITDA may not be homogeneous with that adopted by other groups, and therefore may not be comparable.
Philogen Group
RECLASSIFIED CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2020
| Figures in thousands of Euros and in percent | As of 31 December | Variations | |||
|---|---|---|---|---|---|
| 2020 | 2019 | 2020 vs 2019 | % | ||
| Uses | |||||
| Property, plant and equipment | 5,163 | 2,248 | 2,915 | 129.7% | |
| Intangible assets | 961 | 935 | 26 | 2.8% | |
| Assets for right of use | 10,288 | 10,985 | (697) | (6.3)% | |
| Deferred tax assets | 1,176 | 2,115 | (939) | (44.4)% | |
| Employee benefits | (847) | (803) | (44) | 5.5% | |
| Deferred tax liabilities | (234) | (320) | 86 | (26.9)% | |
| Net fixed assets (*) | 16,507 | 15,159 | 1,348 | 8.9% | |
| Inventories | 774 | 617 | 157 | 25.4% | |
| Contractual activities | 207 | - | 207 | - | |
| Trade receivables | 515 | 1,199 | (684) | (57.0)% | |
| Tax credits | 3,812 | 2,946 | 866 | 29.4% | |
| Other current assets | 635 | 690 | (55) | (8.0)% | |
| Trade payables | (3,920) | (3,281) | (639) | 19.5% | |
| Liabilities under contract | (4,155) | (7,790) | 3,635 | (46.7)% | |
| Tax debts | (362) | (332) | (30) | 9.0% | |
| Other current liabilities | (2,578) | (1,105) | (1,473) | 133.3% | |
| Net working capital (*) | (5,072) | (7,055) | 1,983 | (28.1)% | |
| Net invested capital (*) | 11,435 | 8,104 | 3,331 | 41.1% | |
| Sources | |||||
| Shareholders' equity | 55,673 | 68,803 | (13,130) | (19.1)% | |
| Net financial debt (*) | (44,238) | (60,699) | (16,461) | (27.1)% | |
| Total sources | 11,435 | 8,104 | 3,331 | 41.1% |
(*) Net fixed assets, net working capital, net capital employed and net financial debt are alternative performance indicators, not identified as accounting measures under IFRS and, therefore, should not be considered as alternative measures to those provided by the Group's financial statements for the assessment of the Group's financial position.
CONSOLIDATED CASH FLOW STATEMENT AS OF 31 DECEMBER 2020
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| Figures in thousands of Euros | 2020 | Of which with related parties |
2019 | Of which with related parties |
|
| Cash flows from operating activities | |||||
| Result for the year | (13,285) | (3,820) | 1,402 | (819) | |
| Adjustments for: | |||||
| Depreciation | 1,496 | 709 | 1,102 | 309 | |
| Net financial income/(expenses) | 290 | 353 | (2,890) | 199 | |
| Gains on sale of property, plant and equipment | - | (1,462) | (1,462) | ||
| Provisions for employee benefits and share-based payments | 94 | 93 | |||
| Income tax | 866 | 1,021 | |||
| Other non-monetary adjustments | 345 | 380 | |||
| Variations of: | |||||
| Inventories | (157) | (145) | |||
| Contractual activities | (209) | - | |||
| Trade receivables | 685 | 8,214 | |||
| Liabilities under contract | (3,643) | (635) | |||
| Trade payables | 634 | (2) | 1,213 | 39 | |
| Other current assets and liabilities (*) | 690 | 88 | |||
| Utilisation of provisions and employee benefits | (66) | (19) | |||
| Interest paid | (898) | (302) | |||
| Income taxes paid | (7) | (562) | |||
| Cash flow from/used in operating activities (A) | (13,165) | (2,759) | 7,498 | (1,734) | |
| Cash flows from investing activities | |||||
| Interest received | 1,084 | 2,747 | |||
| Proceeds from the sale of property, plant and equipment | - | 3,247 | 3,247 | ||
| Proceeds from the sale of investment property | - | 2,885 | 2,885 | ||
| Proceeds from the sale of other financial assets | 28,338 | 18,825 | |||
| Purchase of property, plant and equipment | (3,455) | (1,232) | |||
| Purchase of intangible assets | (195) | (235) | |||
| Purchase of other financial assets | (8,005) | (58,745) | |||
| Cash flow generated/absorbed by investing activities (B) | 17,767 | (32,508) | 6,132 | ||
| Cash flows from financing activities | |||||
| Proceeds from the issue of shares | - | 62,007 | 62,007 | ||
| Proceeds from the assumption of financial liabilities | 5,011 | - | |||
| Repayment of financial liabilities | (487) | (10,660) | |||
| Payment of lease liabilities | (736) | (736) | (351) | (351) | |
| Dividends paid | - | (21,878) | (21,878) | ||
| Cash flow generated/absorbed by financing activities (C) | 3,786 | (736) | 29,118 | 39,778 | |
| Total cash flow (A + B + C) | 8,389 | (3,495) | 4,108 | 38,044 | |
| Opening cash and cash equivalents | 3,564 | 6,380 | |||
| Change in cash and cash equivalents | 8,389 | 4,108 | |||
| Reduction in cash from demerger | - | (6,940) | |||
| Translation effect of cash and cash equivalents | 5 | 16 | |||
| Closing cash and cash equivalents | 11,958 | 3,564 | |||
(*) Includes: other current assets, other current liabilities, tax payables and receivables.
Philogen S.p.A.
RECLASSIFIED PROFIT AND LOSS ACCOUNT AS OF 31 DECEMBER 2020
| Figures in thousands of Euros and in percent |
Year ended 31 December | Variations | ||||
|---|---|---|---|---|---|---|
| 2020 | % | 2019 | % | 2020 vs 2019 |
% | |
| Revenues from contracts | 4,099 | 100.0% | 11,680 | 100.0% | (7,581) | (64.9)% |
| Other income | 1,211 | 29.5% | 2,301 | 31.0% | (1,090) | (47.4)% |
| Total Revenues | 5,310 | 129.5% | 13,981 | 131.0% | (8,671) | (62.0)% |
| Operating costs (*) | (14,909) | (363.7)% | (13,750) | (125.9)% | (1,159) | 8.4% |
| EBITDA (**) | (9,599) | (234.2)% | 232 | 5.0% | (9,831) | (4,237.5)% |
| Depreciation | (1,074) | (26.2)% | (720) | (8.7)% | (354) | 49.2% |
| EBIT | (10,673) | (260.4)% | (488) | (3.7)% | (10,185) | 2,087.1% |
| Financial income | 2,137 | 52.1% | 3,324 | 26.3% | (1,187) | (35.7)% |
| Financial charges | (2,333) | (56.9)% | (359) | (3.4)% | (1,975) | 549.9% |
| Result from participations | (1,686) | (41.1)% | (218) | (1.9)% | (1,468) | (673.4)% |
| Profit before tax | (12,555) | (265.2)% | 2,477 | 19.2% | (15,032) | (606.9)% |
| Taxes | (730) | (17.8)% | (857) | (8.1)% | 127 | (14.8)% |
| Profit (loss) for the period | (13,285) | (324.1)% | 1,402 | 12.0% | (14,687) | (1,047.6)% |
(*) Operating costs are the sum of the following balance sheet items: purchases of raw materials and consumables, costs of se rvices, costs of leases and rentals, personnel costs and other operating costs.
(**) EBITDA is the operating result before depreciation and amortisation. EBITDA is a measure defined and used by the Group to monitor and evaluate the Group's operating performance, but it is not defined within IFRS; therefore, it should not be considered as an alternative measure for evaluating the Group's operating performance. The Company believes that EBITDA is an important parameter for measuring the Group's performance as it allows the analysis of the Group's marginality by eliminating the effects deriving from non-recurring economic elements. Since EBITDA is not a measure whose determination is regulated by the reference accounting principles for the preparation of the Group's consolidated financial statements, the criteria applied to determine EBITDA may not be homogeneous with that adopted by other groups, and therefore may not be comparable.
Philogen S.p.A.
RECLASSIFIED BALANCE SHEET AS OF 31 DECEMBER 2020
Figures in thousands of Euros and in percent As of 31 December Variations
| 2020 | 2019 | 2020 vs 2019 | % | ||
|---|---|---|---|---|---|
| Uses | |||||
| Property, plant and equipment | 3,866 | 1,037 | 2,829 | 272.8% | |
| Intangible assets | 791 | 748 | 43 | 5.7% | |
| Assets for right of use | 7,376 | 7,914 | (538) | (6.8)% | |
| Participations | 2,369 | 4,019 | (1,650) | (41.1)% | |
| Deferred tax assets | 1,172 | 2,020 | (848) | (42.0)% | |
| Employee benefits | (847) | (803) | (44) | 5.5% | |
| Deferred tax liabilities | (177) | (300) | 123 | (41.1)% | |
| Net fixed assets (*) | 14,550 | 14,635 | (85) | (0.6)% | |
| Inventories | 712 | 532 | 180 | 33.8% | |
| Trade receivables | 754 | 640 | 114 | 17.8% | |
| Tax credits | 3,780 | 2,854 | 926 | 32.4% | |
| Other current assets | 668 | 767 | (99) | (12.9)% | |
| Trade payables | (5,117) | (3,109) | (2,008) | 64.6% | |
| Liabilities under contract | (4,155) | (7,208) | 3,053 | (42.4)% | |
| Tax debts | (362) | (328) | (34) | 10.4% | |
| Other current liabilities | (2,166) | (665) | (1,501) | 225.7% | |
| Net working capital (*) | (5,886) | (6,517) | 631 | (9.7)% | |
| Net invested capital (*) | 8,664 | 8,118 | 546 | 6.7% | |
| Sources | |||||
| Shareholders' equity | 55,673 | 68,803 | (13,130) | (19.1)% | |
| Net Financial Indebtedness (*) | (47,009) | (60,685) | 13,677 | (22.5)% | |
| Total sources | 8,664 | 8,118 | 546 | 6.7% |
(*) Net fixed assets, net working capital, net capital employed and net financial debt are alternative performance indicators, not identified as accounting measures under IFRS and, therefore, should not be considered as alternative measures to those provided by the Company's finan cial statements for the assessment of the Company's financial position.
Philogen S.p.A.
CASH FLOW STATEMENT AS OF 31 DECEMBER 2020
| Figures in thousands of Euros | 2020 | Of which with related |
2019 | Of which with related |
|---|---|---|---|---|
| parties | parties |
| Cash flows from operating activities | ||||
|---|---|---|---|---|
| Operating result | (13,285) | (7,057) | 1,402 | (4,309) |
| Adjustments for: | ||||
| Depreciation of tangible and intangible assets | 1,074 | 534 | 720 | 267 |
| Net financial income/(expenses) | 196 | 207 | (2,965) | 163 |
| Provisions for funds and employee benefits | 94 | 85 | ||
| Income tax | 730 | 857 | ||
| Result from participations | 1,686 | 1,687 | 218 | 218 |
| Other non-monetary adjustments | 278 | 336 | ||
| Variations of: | ||||
| Inventories | (180) | (135) | ||
| Contractual activities | - | - | ||
| Trade receivables | (114) | 107 | 8,260 | 352 |
| Liabilities under contract | (3,052) | (939) | ||
| Trade payables | 2,008 | (1,276) | 1,104 | 6 |
| Other current assets and liabilities (*) | 708 | 304 | ||
| Utilisation of provisions and employee benefits | (66) | (21) | ||
| Interest paid | (775) | (230) | ||
| Income taxes paid | - | (552) | ||
| Cash flow from/used in operating activities (A) | (10,700) | (5,799) | 8,444 | (3,303) |
| Cash flows from investing activities | ||||
| Interest received | 1,084 | 2,518 | ||
| Proceeds from the sale of financial assets | 28,339 | 18,825 | ||
| Purchase of property, plant and equipment | (3,158) | (518) | ||
| Purchase of intangible assets | (191) | (208) | ||
| Purchase of other financial assets | (8,005) | (58,745) | ||
| Cash flow generated/absorbed by investing | ||||
| activities (B) | 18,069 | - | (38,128) | - |
| Cash flows from financing activities | ||||
| Proceeds from the issue of shares | - | 62,007 | 62,007 | |
| Proceeds from the assumption of financial liabilities | 5,000 | 4,146 | 4,146 | |
| Repayment of financial liabilities | (3,169) | (2,681) | (10,591) | |
| Payment of lease liabilities | (532) | (532) | (303) | (303) |
| Dividends paid | - | (21,878) | (21,878) | |
| Cash flow generated/absorbed by financing | 1,299 | (3,213) | 33,381 | 43,973 |
| activities (C) | ||||
| Total cash flow (A + B + C) | 8,668 | (9,012) | 3,697 | 40,670 |
| Opening cash and cash equivalents | 2,982 | 6,225 | ||
| Change in cash and cash equivalents for the year | 8,668 | 3,697 | ||
| Reduction in cash from demerger | - | (6,940) | ||
| Closing cash and cash equivalents | 11,650 | 2,982 |
(*) Includes: other current assets, other current liabilities, tax payables and receivables.