11:33 | 25.02.2010
DGAP-Adhoc: Sanochemia Pharmazeutika AG: profitable in Q1
Sanochemia Pharmazeutika AG / Quarter Results
25.02.2010 11:33
Dissemination of an Ad hoc announcement, transmitted by
DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Increase in sales revenues / EBIT improve by EUR 3m / bottom line positive
Vienna, 25 February 2009 – SANOCHEMIA Pharmazeutika AG, Vienna, listed in
the Prime Segment of the Frankfurt Stock Exchange (ISIN AT0000776307) today
announces its above-forecast results for the first quarter of the 2009/2010
financial year. These figures are visible evidence of the effectiveness of
recent steps, in particular cost-saving measures, and represent a
significant improvement in terms of earnings when compared to the same
quarter a year earlier.
Following a 10% increase, sales revenues rose to TEUR 6,544 (PY: TEUR
5,950). This is accounted for by higher contributions from the Production
segment compared to a weak Q1 in the prior year. Usually characterised by
high revenues, the Human Pharmaceuticals segment saw a forecast decline in
turnover due to product-related restructuring which has already been
partially made up for in Q2. The improvement in EBIT of EUR 3m accounted
for a positive bottom line in the amount of TEUR 152 (prior year: minus
TEUR 3,035). Cost savings of TEUR 300 in the area of personnel expenses and
TEUR 1,600 in the form of other operating expenses indicate that we have
been successful in adapting our fixed and variable costs to the new revenue
situation.
Due to higher interest payments, the financial result declined to minus
TEUR 110 (PY: TEUR 20) due to higher interest payments. Following taxes on
income of TEUR 3 (PY: minus TEUR 2), the net result for the period amounts
to TEUR 45 (PY: minus TEUR 3,015), equivalent to earnings per share of EUR
0.01 (PY: minus EUR 0.29).
The value of cash and cash equivalents (available-for-sale securities and
cash) amounts to approx. EUR 10 million. The equity ratio remains high at
55.7 percent, indicating the firm financial standing of the Company.
Cash flow from operating activities improved to TEUR 1,353 (PY: minus TEUR
2,588). This is mainly attributable to a change in accounts receivables -
trade.
Segment reporting
As a result of product-related restructuring, revenues in the Human
Pharmaceuticals division fell, in line with expectations, to TEUR 2,906
(PY: TEUR 4,098). The new focus on improving margins rather than on volume
will enable Sanochemia to achieve more value-oriented growth and free up
otherwise committed resources. This restructuring accounted for the segment
operating result of minus TEUR 70 (PY: TEUR 538). With its radiological
products and Viveo(R) (tolperisone), this segment accounted for 44 percent
of overall sales revenues and is set to achieve further growth and
bottom-line contributions as markets for its radiological products are
expanded. The Production division considerably exceeded expectations
following a doubling of sales revenues to TEUR 3,502 (PY: TEUR 1,820). EBIT
improved from minus TEUR 1,940 to TEUR 861. The top revenue drivers were
again synthetic active pharmaceutical ingredients such as galantamine,
following a marked rise in demand compared to the same quarter of the
preceding period. Contract manufacturing activities also achieved a
satisfactory increase in revenues due to higher order volumes. The Research
and Development division did not report any significant revenue
contributions. With its leading projects Secrelux(R) and, in particular,
PVP hypericin, Sanochemia is focussing on attractive, high-growth segments
in fields such as oncology. A recent success was the progress made in a
clinical trial to assess the use of PVP hypericin as both a diagnostic and
a treatment for bladder cancer.
Outlook 2010
Besides that for its MRT imaging agents, Sanochemia is also awaiting
marketing authorisations in a number of European markets for its
tolperisone formulation. Intensive negotiations are already being conducted
with several regional marketing partners, some of which we expect to
conclude in the near future. Work is continuing at full speed on the
development of PVP hypericin as a diagnostic and treatment for bladder
cancer. Sanochemia expects to receive decisive findings and data from the
ongoing clinical trials within a year.
The full Q1 report, including segment reporting, will be available on our
website from Friday, 26 February. Further details of upcoming financial
events are available either at www.sanochemia.at/en or on request from the
Company.
Sanochemia Pharmazeutika AG will be holding a press conference for
journalists at the Vienna Stock Exchange on 26 February (10:00). To
register, please contact:
Margarita Hoch, Investor Relations
Tel.: +43 / 1 / 3191456 / 335
Fax: +43 / 1 / 3191456 / 344
m.hoch@sanochemia.at
25.02.2010 11:33 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at
www.dgap-medientreff.de
and
www.dgap.de
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Language: English
Company: Sanochemia Pharmazeutika AG
Boltzmanngasse 9a-11
A-1090 Wien
Österreich
Phone: +43 / 1 / 319 1456 – 0
Fax: +43 / 1 / 319 1456 – 44
E-mail: office@sanochemia.at
Internet: www.sanochemia.at
ISIN: AT0000776307
WKN: 919963
End of News DGAP News-Service
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