28.02.2017
B.R.A.I.N. Biotechnology Research And Information Network AG DE0005203947
DGAP-News: B.R.A.I.N. Biotechnology Research And Information Network AG: BRAIN shows stable start into fiscal year 2016/17
DGAP-News: B.R.A.I.N. Biotechnology Research And Information Network AG /
Key word(s): Quarter Results
B.R.A.I.N. Biotechnology Research And Information Network AG: BRAIN shows
stable start into fiscal year 2016/17
28.02.2017 / 08:30
The issuer is solely responsible for the content of this announcement.
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BRAIN shows stable start into fiscal year 2016/17
- Revenue development in the first three months on previous year level
- BioScience segment with reduced total operating performance based on
deferred contract signings
- BioIndustrial segment fairly stable
- Adjusted EBIT strained by special factors
- Improved operating cash flow
Zwingenberg, February 28, 2017: B.R.A.I.N. Biotechnology Research and
Information Network AG ("BRAIN AG"; ISIN DE0005203947 / WKN 520394) today
published its financial results for the first three months of fiscal year
2016/17. Accordingly, during the reporting period from October 1, 2016, to
December 31, 2016, the BRAIN Group generated a total operating performance
of EUR 6.6 million compared to EUR 7.0 million in the previous year. At the
same time, revenues increased slightly from EUR 6.0 million to EUR 6.1
million. While the collaboration business with globally active industrial
partners in the "BioScience" segment was slightly halted due to deferred
contract signings, the product related business of the "BioIndustrial"
segment was fairly stable. Due to special factors, the adjusted EBIT
declined from EUR -0.9 million to EUR -2.3 million. The operating cash flow
improved significantly from EUR -2.3 million to EUR -0.1 million.
Despite reaching important development milestones with international
partners in the "BioScience" segment, the total operating performance
decreased year-over-year from EUR 3.5 million to EUR 3.2 million. In
addition to a EUR 0.2 million higher decline in inventories of finished
goods, expired cooperation projects could not be fully compensated, partly
due to delays in the initiation of follow-up projects. The segment's share
in the total operating performance of BRAIN Group was 48 percent compared
to 50 percent in the first quarter 2015/16.
The total operating performance of the "BioIndustrial" segment in the first
three months of 2016/17 remained virtually unchanged at EUR 3.4 million
compared to EUR 3.5 million in the previous year. The development was
dampened by accrued revenues (EUR 0.3 million), which for risk transfer
reasons can only be reported in the second quarter of the fiscal year.
Within this segment, the strategic focus of the enzyme business is being
placed increasingly on the field of special enzymes, which is less volume-
dependent and has higher margin potential.
As a result, the share of the "BioIndustrial" segment in BRAIN Group's
total operating performance increased from 50 percent to 52 percent year-
on-year.
"BRAIN continued its successful development in the first quarter of
2016/17. We reached several important milestones with our industrial
partners, and pushed ahead with the commercialization of our own products.
However, the quarterly financials do not fully reflect this development,
which is partly due to timing effects. We are convinced that the BRAIN
Group is well-positioned to continue successfully on the implementation of
our strategy and to grow further during the 2016/17 fiscal year. In
addition, we still expect to achieve the Group EBIT break-even during the
fiscal year 2017/18," comments Dr Juergen Eck, CEO of BRAIN AG.
The Group operating result (EBIT) declined year-on-year from EUR -2.1
million to EUR -4.4 million. The major part of this development is
attributable to special items such as personnel expenses from share-based
employee compensation schemes that have no impact on liquidity and/or
equity. Eliminating these special items, the adjusted Group EBIT amounted
to EUR -2.3 million in the first three months of fiscal year 2016/17
compared with EUR -0.9 million in the prior year quarter. These EUR -2.3
million are attributable to the "BioScience" segment, while "BioIndustrial"
reached an almost balanced result.
The operating cash flow improved significantly from EUR -2.3 million to EUR
-0.1 million, which is - amongst others - due to larger milestone payments
from development projects. In the previous year, approximately EUR -0.8
million of one-off IPO costs were included in the operating cash flow.
Cash and cash equivalents, including fixed term deposits, decreased from
EUR 18.3 million as per September 30, 2016 to EUR 17.5 million as per
December 31, 2016 (EUR 2.5 million as per December 31, 2015). This includes
EUR -0.5 million of scheduled repayments of financial debt.
Key financials (first three months of fiscal year 2016/17)
(in EUR million) 3M 3M
2016/17 2015/16
Revenues 6.1 6.0
Total operating performance1 6.6 7.0
BioScience 3.2 3.5
BioIndustrial 3.4 3.5
Adjusted EBIT -2.3 -0.9
IPO one-off costs 0 -0.8
Share based employee compensation -0.4 -0.5
AnalytiCon
Post IPO Framework Agreement -1.8 0
EBIT -4.4 -2.1
Operating cash flow2 -0.1 -2.3
Cash & cash equivalents3 as per 17.5 2.5
12/31
1 Revenues + change in inventories + other income including R&D grants
2 Including IPO related one-off costs of EUR 0.8 million in the fiscal year
2015/16 (Q1)
3 Including fixed term deposits
More detailed information on the first quarter financial results and
financial tables are available at www.brain-biotech.de/en/investor-
relations/financial-publications as part of the quarterly statement for the
period ending December 31, 2016.
+++ENDS+++
About BRAIN
BRAIN AG is one of Europe's leading technology companies in the field of
industrial biotechnology, the core discipline of Bioeconomy. As such, BRAIN
identifies previously untapped, efficient enzymes, microbial producer
organisms or natural substances from complex biological systems that can be
put to industrial use. The innovative solutions and products developed by
help of this "Toolbox of Nature" are successfully applied in the chemistry,
the cosmetics and the food industries. Today, BRAIN's business model is
based on two pillars - "BioScience" and "BioIndustrial". The first pillar,
"BioScience", comprises its - frequently exclusive - collaboration business
with industrial partners. The second pillar "BioIndustrial" comprises the
development and commercialisation of BRAIN's own products and active
product components. Further information is available at www.brain-
biotech.de/en.
Contact:
B.R.A.I.N
Biotechnology Research And Information Network AG
Dr. Martin Langer
Executive Vice President
Corporate Development
Darmstädter Str. 34-36
64673 Zwingenberg, Germany
Tel.: +49-6251-9331-0
Fax: +49-6251-9331-11
E-Mail: [email protected]
www.brain-biotech.de
Disclaimer
This press release contains forward-looking statements. These statements
reflect the current views, expectations, and assumptions of the management
of BRAIN AG and are based on information currently available to the
management. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. There are numerous factors
which could influence the future performance by and future developments at
BRAIN AG and the BRAIN Group. Such factors include, but are not limited to,
changes in the general economic and competitive environment, risks
associated with capital markets, currency exchange rate fluctuations,
changes in international and national laws and regulations, in particular
with respect to tax laws and regulations, and other factors. BRAIN AG does
not undertake any obligation to update or revise any forward-looking
statements.
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28.02.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
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Language: English
Company: B.R.A.I.N. Biotechnology Research And Information Network
AG
Darmstädter Straße 34-36
64673 Zwingenberg
Germany
Phone: +49 (0) 62 51 / 9331-0
Fax: +49 (0) 62 51 / 9331-11
E-mail: [email protected]
Internet: www.brain-biotech.de
ISIN: DE0005203947
WKN: 520394
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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548047 28.02.2017
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