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Philogen Earnings Release 2021
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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 DECEMBER 31, 2021 (Courtesy English Translation)
- Revenues from contracts with customers amounting to € 2,496 thousand (€ 4,778 thousand in 2020)
- EBITDA negative € 14,913 thousand (negative € 10,633 thousand in 2020)
- EBIT negative € 16,775 thousand (negative € 12,129 thousand in 2020)
- Net loss of € 15,725 thousand (net loss of € 13,285 thousand as of 31 December 2020)
- Net financial indebtedness positive € 85,184 thousand (positive € 44,238 thousand as of 31 December 2020)
Siena (Italy), March 28, 2022 - 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 and the consolidated financial statements as of December 31, 2021, 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 March 3, 2021, the listing process on the Mercato Telematico Azionario provided the Group with the financial resources necessary to accelerate the completion of the clinical trials of Nidlegy™ and Fibromun in melanoma and sarcoma, respectively. Philogen now has sufficient funds to invest in additional programs that will allow the diversification of the pipeline and consequently increase the probability of bringing one or more drugs to registration.
In 2021, the Group also began collecting encouraging emerging data in recurrent Glioblastoma where Fibromun is administered in combination with Lomustine.
Through its subsidiary Philochem, the Group has consolidated the OncoFAP platform on which it intends to invest in the years to come."
CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021
The Group's Total Revenues at December 31, 2021 amounted to €4,964 thousand, a decrease compared to December 31, 2020 of approximately 22%, and consisted of (i) Revenues from contracts with customers of €2,496 thousand and (ii) Other Income of €2,468 thousand. The decrease is mainly related to the completion, in 2020, of some existing contracts, as well as the Group's desire to focus on the clinical development of the most advanced products in its pipeline. It should be noted that in the last quarter of 2021, contracts for GMP production on behalf of third parties were signed for a total of approximately Euro 7,000 thousand, which will contribute to generating revenues based on the progress of the orders during 2022 and in subsequent years.
Operating expenses, amounting to €19,877 thousand, show an increase of approximately 17% compared to the year ended December 31, 2020. The change is mainly attributable to the extraordinary costs incurred during the year 2021 related to the IPO process, partly to the operational and governance structure the Company is equipping itself with to execute the business plan, and partly to the increase in personnel costs due to the hiring plan aimed at structuring the workforce of the new GMP facility in Rosia and the strengthening of staff functions under the new corporate governance code (during the year 2021, 44 new resources were hired).
EBITDA shows an increase compared to the year ended December 31, 2020 of approximately 40%, as a result of the above.
Depreciation and amortization, amounting to €1,862 thousand, shows an increase of approximately 24% compared to the year ended December 31, 2020, mainly due to depreciation related to investments incurred during 2021 for the equipment of the new GMP of the Rosia (Siena) site.
EBIT, calculated as the difference between EBITDA and amortization and depreciation, shows a negative balance of € 16,775 thousand at December 31, 2021. Compared to December 31, 2020, there is an increase of € 4,646 thousand.
Net financial management at December 31, 2021 showed income of € 1,535 thousand compared to the negative balance at December 31, 2020 of € 290 thousand. The change is mainly due to the fair value of the portfolio that for most of 2020 reflected the negative trend of the financial markets related to the effects of the Covid-19 pandemic. It should be noted that the company holds a portfolio of financial investments fed by liquidity in excess of current cash requirements.
The result for the period, as a consequence of the above, shows a loss of € 15,725 thousand compared to a loss of € 13,285 thousand at 31 December 2020.
As of December 31, 2021, the net financial position amounted to positive €(85,184) thousand, compared to a net financial position, also positive, of €(44,237) thousand at December 31, 2020. The change mainly reflects the cash flows absorbed by core operations in the year ended December 31, 2021 and investments in progress.
| Figures in thousands of euros | December 31, | September | June 30, | March 31, | December |
|---|---|---|---|---|---|
| Net financial debt | 2021 | 30, 2021 | 2021 | 2021 | 31, 2020 |
| (A) Cash and cash equivalents(*) | 8,880 | 15,855 | 21,506 | 73,639 | 11,958 |
| (B) Cash equivalent(*) | - | - | - | - | - |
| (C) Other current financial assets | 92,797 | 91,974 | 91,736 | 48,776 | 49,984 |
| (D) Liquidity (A+B+C) | 101,678 | 107,829 | 113,242 | 122,414 | 61,943 |
| (E) Current financial debt | 9 | 9 | 15 | 6 | 15 |
| (F) Current portion of non-current financial debt | 1,798 | 2,030 | 2,018 | 2,043 | 1,790 |
| (G) Net current financial debt (E+F) | 1,807 | 2,039 | 2,033 | 2,048 | 1,805 |
| (H) NET CURRENT FINANCIAL INDEBTEDNESS (G D) |
(99,870) | (105,790) | (111,209) | (120,366) | (60,137) |
| (I) Non-current financial debt | 14,686 | 14,886 | 15,132 | 15,698 | 15,899 |
| (J) Debt instruments | - | - | - | - | - |
| (K) Trade payables and other current payables | - | - | - | - | - |
| (L) Non-current financial debt (I+J+K) | 14,686 | 14,886 | 15,132 | 15,698 | 15,899 |
| (M) NET FINANCIAL DEBT (H+L) | (85,184) | (90,905) | (96,077) | (104,668) | (44,238) |
(*) In accordance with the recommendations issued by ESMA, in order to standardize and make the indicators comparable, item (B) Cash equivalent (bank current accounts) was reclassified within item (A) Cash and cash equivalents (cash on hand).
The Group closed the fourth quarter of 2021 with liquidity of €101,678 thousand compared to €61,943 thousand at December 31, 2020, and a positive net financial position of €85,184 thousand at December 31, 2021 compared to a net financial position, also positive, of €44,238 thousand at December 31, 2020 (showing an overall percentage increase of over 90% compared to December 31, 2020).
The change in the net financial position compared to December 31, 2020 mainly derives from the capital raised during the IPO, amounting to €65,404 thousand, net of commissions paid to the consortium for the institutional placement and costs related to the issue of new shares of approximately €3,635 thousand.
Between the third and the fourth quarter of 2021, the net financial position showed a decrease of approximately 6%, though still positive, going from € 90,905 thousand at September 31, 2021 to € 85,184 thousand at December 31, 2021. In the same period, liquidity decreased from € 107,828 thousand at 31 September 2021 to € 101,678 thousand at 31 December 2021, down approximately 6%. The latter change is mainly due to (i) collections for ongoing research and development contracts for € 271 thousand, (ii) costs of ordinary operations of about € 5,244 thousand, (iii) investments for the construction of the new GMP plant in Rosia (Siena) of about € 1,460 thousand, (iv) purchase of treasury shares for € 538 thousand, and (v) the net positive change in the fair value of the securities portfolio of about € 823 thousand.
Current and non-current financial indebtedness decreased from € 16,925 thousand as of 30 September 2021 to € 16,493 thousand as of 31 December 2021, showing a decrease of approximately 12% resulting from the progress of the existing amortization plans. It should be noted that the financial indebtedness is represented for approximately € 11,849 thousand by the notional debt related to the real estate leases, for the three company sites, represented according to the international accounting standards (IFRS 16). The remainder relates to the outstanding loan taken out in order to finance the expansion project of the Rosia (Siena) production site. This loan envisages compliance with commercial covenants (verified as from the financial statements for the year ended 31 December 2021) and financial covenants (verified as from the financial statements for the year ended 31 December 2022), the breach of which does not require repayment of the loan, but it would result in an increase in the interest rate of 0.50%. As of December 31, 2021, the commercial covenants had been complied with.
SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEAR
The Group is continuing with the share buyback program approved on November 24, 2021 by the Company's Board of Directors, which began on December 1, 2021 and runs for 18 months from approval.
Since the start of the program and through March 25, 2022, Philogen has purchased 118,910 ordinary shares (equal to 0.2928% of the share capital), for a total consideration of €1,699,833.61.
Notices pursuant to Buyback regulations are available on the Company's website (https://www.philogen.com), "Investors/Buyback" section.
Moreover, on March 3, 2022 the lock-up commitment for the shareholders Nerbio S.r.l. and Dompé Holding S.r.l., which had a duration of 365 days from the date of the start of trading, expired. Therefore, as from this date, all outstanding shares are free from lock-up.
FORESEEABLE EVOLUTION OF OPERATIONS
During the year ended December 31, 2021, the patient enrollment rate, which declined slightly in 2020, increased. In addition to the general variable trend in the speed of patient enrollment from year to year and the improvement in the situation related to the COVID-19 emergency, this increase is related to the opening of new clinical centers. In order to further accelerate recruitment, the Group is opening new centers in several European and non-European countries for the various ongoing studies conducted with proprietary drugs.
The Group also reports the following scientific events planned for the year 2022:
- Nidlegy TM
- o Recruitment of new patients and opening of new centers in the various ongoing clinical trials;
- o Completion of patient enrollment in the European Phase III study in melanoma;
- o Initiation of a second Phase II study in various non-melanoma skin cancers;
- Fibromun
- o Recruitment of new patients and opening of new centers in various ongoing clinical trials;
- o publication of emerging data from the Phase I/II study in first recurrence/recurrence glioblastoma conducted
- with Fibromun in combination with Lomustine. Completion of the first phase of the study is also expected;
- Radio-conjugated OncoFAP
- o initiation of one or more clinical trials with the aim of exploring OncoFAP-68 Ga (diagnostic agent) and/or OncoFAP-177 Lu (therapeutic agent) in a larger number of patients with cancer of different origins;
- New GMP plant in Rosia (Siena)
- o the installation and validation of the process machines of the new GMP site is expected to be completed, following which the AIFA authorization for the production and marketing of antibody-based drugs will be requested. It should be noted that this new plant will join the existing GMP facility in Montarioso (Siena), which was improved in 2021, and is dedicated to the production of experimental drugs.
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.
Revenues from contracts with customers amounted to € 2,581 thousand, a decrease compared to the year ended December 31, 2020 of approximately 37%, a reduction attributable to the Group's desire to focus on the clinical development of the pipeline. However, existing customer contracts continue.
Other income amounted to € 2,242 thousand in 2021, compared to € 1,211 thousand in the year ended December 31, 2020, showing an increase of approximately 85% to be attributed primarily to (i) the 2021 research and development tax credit amounting to € 1.980 thousand, increasing compared to the 2020 R&D credit by more than 90% as a direct reflection of the higher research and development costs incurred in the period, (ii) the 2021 lease credit, amounting to € 195 thousand, provided for by the Decree 73/2021 (so-called Decree Bis supports) through which new measures were introduced to support the economic system still affected by the crisis related to the Covid-19 pandemic.
Operating costs amounted to €17,039 thousand, an increase of approximately 14% compared to the year ended December 31, 2020.
EBITDA shows a negative value of € 12,216 thousand, showing an increase compared to the year ended December 31, 2020 of approximately 27%, as a result of a reduction in revenues and an increase in costs in the year ended December 31, 2021.
Depreciation and amortization amounted to €1,406 thousand, an increase of approximately 31% compared to the year ended December 31, 2020, due primarily to depreciation related to investments incurred during 2021 for the equipment of the new GMP at the Rosia (Siena) site.
Net financial management at December 31, 2021 showed income of € 1,674 thousand compared to the negative balance at December 31, 2020 of € 196 thousand. The change is mainly due to the fair value of the portfolio that for most of 2020 reflected the negative trend of the financial markets related to the effects of the Covid-19 pandemic. It should be noted that the Company holds a portfolio of financial investments fed by cash in excess of current cash requirements.
Income from equity investments shows a negative balance of €2,308 thousand in 2021, an increase compared to the negative balance of €1,686 thousand for the year ended December 31, 2020. It should be noted that in March 2022, Philochem AG, a subsidiary of the Group, signed an important license and collaboration agreement for the development and commercialization of a small organic molecule for imaging applications with a proven ability to selectively visualize and diagnose a variety of metastatic solid tumors. This agreement will have economic implications during fiscal year 2022.
The Company's net result for the year ended December 31, 2021 shows a loss of € 14,759 thousand compared to the year ended December 31, 2020, which closed with a loss of € 13,285 thousand.
As of December 31, 2021, the Company's net debt amounted to €(90,412) 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 2021, amounting to 14,759 thousand euros, be fully covered by using 1,107,270 euros from the "Retained earnings" reserve and 13,652,156 euros from the "Additional paid-in capital" reserve.
* * *
The Manager in charge of drawing up the corporate accounting documents, Laura Baldi, hereby declares, pursuant to art. 154-bis, paragraph 2 of Legislative Decree no. 58/1998, that the accounting information contained in this press release corresponds to the documented results, 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 includes some indicators that, although not provided for by IFRS, derive from financial amounts provided for therein. These indicators - which are presented in order to allow a better assessment of the Group's operating performance - must 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. Moreover, it is noted that the methods for the calculation of these indicators applied therein - 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 properly comparable. In compliance with Consob Communication no. 9081707 of 16 September 2009, it should be underlined that the alternative performance indicators have not been subject to audit by the Independent Auditors, as well as the attached accounting schedules.
* * *
Philogen Group Description
Philogen is an Italian-Swiss company active in the biotechnology sector, specialized 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 tumor markers (also called tumor antigens). These ligands - human monoclonal antibodies or small organic molecules - are identified using Antibody Phage Display Libraries and DNA-Encoded Chemical Libraries technologies.
The main therapeutic strategy of the Group for the treatment of these diseases is represented by the so-called tumor targeting. This approach is based on the use of ligands capable of selectively delivering very potent therapeutic active ingredients (such as, for example, pro-inflammatory cytokines) to the tumor mass, sparing healthy tissues. Over the years, Philogen has primarily developed monoclonal antibody-based ligands that are specific for antigens expressed in tumorassociated 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 tumor cells. This approach, so called 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 identified satisfactory therapies. This is achieved by leveraging (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) the 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 MORE INFORMATION:
Philogen - Investor Relations
[email protected] - Emanuele Puca | Investor Relator
Philogen Group
RECLASSIFIED CONSOLIDATED INCOME STATEMENT AS AT 31 DECEMBER 2021
| Figures in thousands of euros and as a percentage |
Year ended 31 December | Variations | ||||
|---|---|---|---|---|---|---|
| 2021 | % | 2020 | % | 2021 vs 2020 |
% | |
| Revenues from contracts with customers | 2,496 | 100.0% | 4,778 | 100.0% | (2,282) | (47,8)% |
| Other income | 2,468 | 98.9% | 1,567 | 32.8% | 901 | 57,5% |
| Total Revenues | 4,964 | 198.9% | 6,345 | 132.8% | (1,381) | (21,8)% |
| Operating costs (**) | (19,877) | (796.3)% | (16,977) | (355.3)% | (2,900) | 17,1% |
| EBITDA (*) | (14,913) | (597.5)% | (10,633) | (222.5)% | (4,281) | 40,3% |
| Depreciation | (1,862) | (74.6)% | (1,496) | (31.3)% | (365) | 24,4% |
| EBIT | (16,775) | (672.0)% | (12,129) | (253.9)% | (4,646) | 38,3% |
| Financial income | 2,581 | 103.4% | 2,179 | 45.6% | 402 | 18,4% |
| Financial charges | (1,046) | (41.9)% | (2,469) | (51.7)% | 1,423 | (57,6)% |
| Profit before tax | (15,240) | (610.5)% | (12,419) | (259.9)% | (2,821) | 22,7% |
| Taxes | (485) | (19.4)% | (866) | (18.1)% | 381 | (44,0)% |
| Profit (loss) for the period | (15,725) | (630.0)% | (13,285) | (278.0)% | (2,439) | 18,4% |
(*) Operating costs are the sum of the following items: purchase of raw materials and consumables, costs for services, costs for use of third party assets, personnel costs and other operating costs.
(**) EBITDA is represented by the operating income before amortization and depreciation. EBITDA is a measure defined and used by the Group to monitor and assess the Group's operating performance, but is not defined within IFRS. The Company believes that EBITDA is an important parameter for measuring the Group's performance, as it makes it possible to analyze the Group's margins by eliminating the effects deriving from non-recurring economic elements. Given that EBITDA is not a measure whose determination is regulated by the reference accounting standards for the preparation of the Group's consolidated financial statements, the criterion 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 AT 31 DECEMBER 2021
| Figures in thousands of euros and as a percentage |
Year ended 31 December | Variations | ||
|---|---|---|---|---|
| 2021 | 2020 | 2021 vs 2020 | % | |
| Uses | ||||
| Property, plant and machinery | 10,984 | 5,163 | 5,821 | 112.8% |
| Intangible assets | 950 | 961 | (11) | (1.2)% |
| Right-of-use activity | 10,005 | 10,288 | (283) | (2.7)% |
| Deferred tax assets | 674 | 1,176 | (502) | (42.7)% |
| Employee Benefits | (1,033) | (847) | (187) | 22.1% |
| Deferred tax liabilities | (183) | (234) | 51 | (21.9)% |
| Net fixed assets (*) | 21,397 | 16,507 | 4,890 | 29.6% |
| Inventories | 1,295 | 774 | 520 | 67.2% |
| Contractual activities | 87 | 207 | (120) | (57.8)% |
| Trade receivables | 688 | 515 | 173 | 33.7% |
| Tax receivables | 5,740 | 3,812 | 1,928 | 50.6% |
| Other current assets | 876 | 635 | 241 | 37.9% |
| Trade payables | (5,826) | (3,920) | (1,906) | 48.6% |
| Liabilities under contract | (2,233) | (4,155) | 1,922 | (46.3)% |
| Tax payables | (309) | (362) | 53 | (14.7)% |
| Other current liabilities | (1,812) | (2,578) | 766 | (29.7)% |
| Net working capital (*) | (1,494) | (5,072) | 3,578 | (70.5)% |
| Net invested capital (*) | 19,903 | 11,435 | 8,468 | 74.0% |
| Sources | ||||
| Shareholders' equity | 105,087 | 55,673 | 49,414 | 88.8% |
| Net financial debt (*) | (85,184) | (44,238) | (40,946) | 92.6% |
| Total sources | 19,903 | 11,435 | 8,468 | 74.0% |
(*) Net fixed assets, net working capital, net invested capital 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 in the Group's financial statements for assessing the Group's financial position.
Philogen Group
CONSOLIDATED CASH FLOW STATEMENT AS AT 31 DECEMBER 2021
| Figures in thousands of Euros | Year ended 31 December | ||||
|---|---|---|---|---|---|
| 2021 | Of which with related |
2020 | Of which with related |
||
| Cash flow from operating activities | parties | parties | |||
| Result for the period | (15,725) | (2,853) | (13,285) | (3,820) | |
| Adjustments for: | |||||
| Depreciation of tangible and intangible assets | 1,862 | 747 | 1,496 | 709 | |
| Net financial income/(charges) | (1,535) | 343 | 290 | 353 | |
| Provisions for risks and employee benefits | 121 | 94 | |||
| Provisions for Group incentive plans | 21 | - | |||
| Income Taxes | 485 | 866 | |||
| Other non-cash adjustments | (48) | 345 | |||
| Variations of: | |||||
| Inventories | (515) | (157) | |||
| Contractual activities | 121 | (209) | |||
| Trade receivables | (149) | 685 | |||
| Liabilities under contract | (1,922) | (3,643) | |||
| Trade payables | 1,709 | 20 | 634 | (2) | |
| Other current assets and liabilities (*) | (2,996) | 690 | |||
| Utilisation of provisions and employee benefits | (36) | (66) | |||
| Interest paid | (417) | (898) | |||
| Income taxes paid | (8) | (7) | |||
| Cash flow generated/absorbed by operations (A) | (19,032) | (1,743) | (13,165) | (2,760) | |
| Cash flow from investment activities | |||||
| Interest received | 164 | 1,084 | |||
| Proceeds from the sale of property, plant and equipment | - | - | |||
| Proceeds from the sale of investment property Proceeds from the sale of financial assets |
- 1,743 |
- 28,338 |
|||
| Purchase of property, plant and equipment | (6,550) | (3,454) | |||
| Purchase of intangible assets | (268) | (195) | |||
| Purchase of other financial assets | (42,860) | (8,005) | |||
| Cash flow generated/absorbed by investing activities (B) | (47,771) | - | 17,768 | ||
| Cash flow from financing activities | |||||
| Proceeds from the issue of shares | 65,404 | - | |||
| Proceeds from the assumption of financial liabilities | - | 5,011 | |||
| Repayment of financial liabilities | (1,074) | (487) | |||
| Payment of lease liabilities | (738) | (738) | (736) | (736) | |
| Purchase of own shares | (537) | - | |||
| Cash flow generated/absorbed by financing activities (C) | 63,055 | (738) | 3,787 | (736) | |
| Increase in cash and cash equivalents from merger (D) | 560 | - | |||
| Total cash flow (A + B + C + D) | (3,188) | (2,481) | 8,389 | (3,496) | |
| Opening cash and cash equivalents | 11,958 | 3,564 | |||
| Change in cash and cash equivalents for the period Translation effect on cash and cash equivalents |
(3,188) 110 |
8,389 5 |
|||
| Closing cash and cash equivalents | 8,880 | 11,958 | |||
(*) Includes: other current assets, other current liabilities, tax payables and receivables.
Philogen S.p.A.
RECLASSIFIED INCOME STATEMENT AS AT 31 DECEMBER 2021
| Figures in thousands of euros and as a percentage |
Year ended 31 December | Variations | ||||
|---|---|---|---|---|---|---|
| 2021 | % | 2020 | % | 2021 vs 2020 | % | |
| Revenues from contracts with customers | 2,581 | 100.0% | 4,099 | 100.0% | (1,518) | (37.0)% |
| Other income | 2,242 | 86.9% | 1,211 | 29.5% | 1,031 | 85.1% |
| Total Revenues | 4,823 | 186.9% | 5,310 | 129.5% | (487) | (9.2)% |
| Operating costs (*) | (17,039) | (660.2)% | (14,909) | (363.7)% | (2,130) | 14.3% |
| EBITDA(**) | (12,216) | (473.3)% | (9,599) | (234.2)% | (2,616) | 27.3% |
| Depreciation | (1,406) | (54.5)% | (1,074) | (26.2)% | (332) | 30.9% |
| EBIT | (13,622) | (527.8)% | (10,673) | (260.4)% | (2,948) | 27.6% |
| Financial income | 2,559 | 99.2% | 2,137 | 52.1% | 422 | 19.8% |
| Financial charges | (885) | (34.3)% | (2,333) | (56.9)% | 1,448 | (62.1)% |
| Result from equity investments | (2,308) | (89.4)% | (1,686) | (41.1)% | (622) | 36.9% |
| Profit before tax | (14,256) | (552.4)% | (12,555) | (306.3)% | (1,700) | 13.5% |
| Taxes | (504) | (19.5)% | (730) | (17.8)% | 226 | (31.0)% |
| Net income (loss) for the period | (14,759) | (571.9)% | (13,285) | (324.1)% | (1,474) | 11.1% |
(*) Operating costs are given by the sum of the following items: purchase of raw materials and consumables, costs for services, costs for leases and rentals, payroll costs and other operating costs.
(**) EBITDA is represented by the operating income before amortization and depreciation. EBITDA is a measure defined and used by the Group to monitor and assess the Group's operating performance, but is not defined within IFRS. The Company believes that EBITDA is an important parameter for measuring the Group's performance, as it makes it possible to analyze the Group's margins by eliminating the effects deriving from non-recurring economic elements. Given that EBITDA is not a measure whose determination is regulated by the reference accounting standards for the preparation of the Group's consolidated financial statements, the criterion 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 AT 31 DECEMBER 2021
| Figures in thousands of euros and as a percentage | As of December 31 | Variations | |||
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 vs 2020 | % | ||
| Uses | |||||
| Property, plant and machinery | 9,769 | 3,866 | 5,902 | 152.7% | |
| Intangible assets | 759 | 791 | (32) | (4.0)% | |
| Right-of-use activity | 6,839 | 7,376 | (537) | (7.3)% | |
| Participations | - | 2,369 | (2,369) | (100.0)% | |
| Deferred tax assets | 664 | 1,172 | (508) | (43.3)% | |
| Employee Benefits | (1,033) | (847) | (187) | 22.1% | |
| Deferred tax liabilities | (145) | (177) | 32 | (18.0)% | |
| Net fixed assets (*) | 16,852 | 14,551 | 2,301 | 15.8% | |
| Inventories | 1,166 | 712 | 454 | 63.8% | |
| Contractual activities | 52 | - | 52 | - | |
| Trade receivables | 727 | 754 | (26) | (3.5)% | |
| Tax receivables | 5,661 | 3,780 | 1,881 | 49.8% | |
| Other current assets | 541 | 668 | (127) | (19.0)% | |
| Trade payables | (5,593) | (5,117) | (477) | 9.3% | |
| Liabilities under contract | (2,233) | (4,155) | 1,922 | (46.3)% | |
| Tax payables | (309) | (362) | 53 | (14.7)% | |
| Other current liabilities | (1,224) | (2,166) | 941 | (43.5)% | |
| Net working capital (*) | (1,212) | (5,886) | 4,674 | (79.4)% | |
| Net invested capital (*) | 15,640 | 8,665 | 6,975 | 80.5% | |
| Sources | |||||
| Shareholders' equity | 106,053 | 55,673 | 50,380 | 90.5% | |
| Net financial debt (*) | (90,412) | (47,007) | (43,405) | 92.3% | |
| Total sources | 15,640 | 8,665 | 6,975 | 80.5% |
(*) Net fixed assets, net working capital, net invested capital and net financial debt are alternative performance indicators that are not identified as accounting measures under IFRS and, therefore, should not be considered alternative measures to those provided in the Company's financial statements for evaluating the Company's financial position.
Philogen S.p.A.
CASH FLOW STATEMENT AS AT 31 DECEMBER 2021
| Data in Euro | 2021 | Of which with related parties |
2020 | Of which with related parties |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Operating result | (14,759) | (5,584) | (13,285) | (7,057) |
| Adjustments for: | ||||
| Amortization of tangible and intangible assets and assets for right | 1,406 | 555 | 1,074 | 534 |
| of use | ||||
| Net financial income/(charges) | (1,674) | 201 | 196 | 207 |
| Provisions for risks and employee benefits | 122 | 94 | ||
| Provision for stock grant plans | 21 | 13 | - | |
| Income Taxes | 504 | 729 | ||
| Write-downs/reversals of investments | 2,308 | 2,308 | 1,686 | 1,686 |
| Other non-cash adjustments | (231) | 278 | ||
| Variations of: | ||||
| Inventories | (454) | (180) | ||
| Contractual activities | (52) | - | ||
| Trade receivables | 26 | (106) | (114) | 107 |
| Liabilities under contract | (1,922) | (3,052) | ||
| Trade payables | 636 | (978) | 2,008 | (1,276) |
| Other current assets and liabilities * | (2,748) | 708 | ||
| Utilisation of provisions and employee benefits | (36) | (66) | ||
| Interest paid | (275) | (775) | ||
| Income taxes paid | - | (386) | ||
| Cash flow generated/absorbed by operations (A) | (17,129) | (3,590) | (10,700) | (5,799) |
| Cash flow from investment activities | ||||
| Interest received | 169 | 1,084 | ||
| Proceeds from the sale of property, plant and equipment | - | - | ||
| Proceeds from the sale of financial assets | 1,743 | 28,339 | ||
| Purchase of property, plant and equipment | (6,498) | (3,158) | ||
| Purchase of intangible assets | (171) | (191) | ||
| Purchase of other financial assets | (45,730) | (2,870) | (8,005) | |
| Cash flow generated/absorbed by investing activities (B) | (50,488) | (2,870) | 18,069 | - |
| Cash flow from financing activities | ||||
| Proceeds from the issue of shares | 65,404 | - | ||
| Proceeds from the assumption of financial liabilities | - | 5,000 | ||
| Repayment of financial liabilities | (2,544) | (1,464) | (3,169) | (2,682) |
| Payment of lease liabilities | (504) | (473,805) | (532) | (532) |
| Dividends paid | - | - | ||
| Purchase of own shares | (537) | - | ||
| Cash flow generated/absorbed by financing activities (C) | 61,819 | (1,938) | 1,299 | (3,213) |
| Increase in cash and cash equivalents from merger (D) | 560 | - | ||
| Total cash flow (A + B + C + D) | (5,239) | (8,398) | 8,668 | (9,013) |
| Opening cash and cash equivalents | 11,650 | 2,981 | ||
| Change in cash and cash equivalents for the period | (5,239) | 8,668 | ||
| Closing cash and cash equivalents | 6,411 | 11,650 |
(*) Includes: other current assets, other current liabilities, tax payables and receivables.