DGAP-News: Formycon Reports Financial Results for the First Quarter of 2020
DGAP-News: Formycon AG
/ Key word(s): Quarter Results/Quarterly / Interim Statement
Formycon Reports Financial Results for the First Quarter of 2020 - Sales and other earnings total EUR 7.2 million - EBITDA is EUR 0.4 million - EBIT and net earnings also positive at EUR 0.2 million each - Revenue forecast at group level for 2020 between EUR 35 and 40 million Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) today presented the sales and earnings figures for the first quarter of 2020, demonstrating a positive start to the financial year. By responding early and implementing appropriate measures to protect employees in the context of the COVID-19 pandemic, Formycon was able to adapt well to the prevailing situation, so that the company's operational development activities were largely in line with planning. This is also reflected in a solid quarterly result. Group turnover including other income amounted to EUR 7.2 million as of March 31, 2020 (same period of the previous year: EUR 9.5 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 0.4 million (previous year: EUR 0.5 million). The operating result (EBIT) as well as the quarterly result totaled around EUR 0.2 million (previous year EUR 0.2 million). The reported sales revenues result from reimbursements for development work in the licensed-out projects or projects developed in partnership. For the full year, the Formycon Group expects revenues of EUR 35 to 40 million. The liquidity ratios of the Formycon Group developed as planned by the end of the first quarter: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 21.1 million at the end of March. Including short-term receivables from deliveries and services, as well as other assets worth around EUR 4.7 million, Formycon Group held liquid assets totaling EUR 25.8 million on the day of reporting. In the first three months of the year, Formycon AG as the company's actual operational unit achieved a turnover of EUR 5.3 million (first quarter of 2019: EUR 6.4 million). The company's quarterly result stood at EUR 0.1 million, as in the previous year. As expected, the number of employees rose from 97 to 114 compared with the same period last year and is expected to increase moderately over the course of the year. Dr. Nicolas Combé, Chief Financial Officer, is very satisfied with progress during the first quarter: "We are pleased about the good start to the new financial year. Despite the ongoing COVID-19 pandemic and the associated uncertainties, we were able to guide the company well through the crisis by taking appropriate measures early on. It is also thanks to our stable cooperations that the development activities in our projects were largely continued as planned. In addition, we were able to use our expertise in protein chemistry, analytics and immunology to also initiate an innovative project in the field of antibody-based drug development against COVID-19. Our solid financial KPIs and the consolidated liquidity base give us a certain amount of room for maneuver to be able to react flexibly even in the event of unforeseeable situations, such as the global COVID-19 pandemic." About Formycon: Contact Formycon AG:
22.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Formycon AG |
Fraunhoferstraße 15 | |
82152 Planegg-Martinsried | |
Germany | |
Phone: | 089 864667 100 |
Fax: | 089 864667 110 |
Internet: | www.formycon.com |
ISIN: | DE000A1EWVY8 |
WKN: | A1EWVY |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1074425 |
End of News | DGAP News Service |
|
1074425 22.06.2020
Formycon AG Stock
Our community is currently high on Formycon AG with 3 Buy predictions and 1 Sell predictions.
With a target price of 100 € there is a hugely positive potential of 89.04% for Formycon AG compared to the current price of 52.9 €.