BRAIN AG publishes annual report for financial year 2018/19
Today, B.R.A.I.N. Biotechnology Research and Information Network AG ("BRAIN AG") published its annual report 2018/19 including the detailed consolidated financial statements for the financial year 2018/19.
In total, the BRAIN Group increased its consolidated revenue by 42.5 percent from EUR 27.1 million to EUR 38.6 million in the past financial year. The revenue growth is equally attributable to the acquisition of the Biocatalysts Group in March 2018 and organic revenue growth. Total operating performance in the reporting period from October 1, 2018 to September 30, 2019 increased by 35.3% from EUR 30.5 million to EUR 41.2 million compared with the prior-year period.
Adjusted EBITDA improved from EUR -5.3 million in the previous year to EUR -2.1 million due to economies of scale and the associated disproportionately lower cost development. A contributing factor to this improvement was the increasing expansion of the product business in the BioIndustrial segment, which contributed EUR 2.8 million to adjusted EBITDA. The improvement in EBIT from EUR -9.6 million in the previous year to EUR -7.2 million was a little less pronounced due to the additional amortization of goodwill following the sale of Monteil Cosmetics International GmbH. The net result for the year after non-cash-relevant accounting effects in the financial result amounted to EUR -10.5 million compared to EUR -8.1 million in the previous year. Due to a correction following the preparation of the preliminary figures, the above-mentioned earnings figures are each slightly better than those published on 12 December 2019. The positive business development is also reflected in the cash flow from operating activities, which increased from EUR -5.4 million in the previous year to EUR -3.4 million. With liquid funds of EUR 15.2 million, BRAIN AG maintains a strong capital base for the expected future growth of the company.
The annual report 2018/19 of BRAIN AG titled “Pioneering Bioproducts” is available at
www.brain-biotech.com/investors/financial-publications/2018-19
For the 2019/20 financial year, the Management Board expects a positive business development with substantial organic revenue growth in both segments and a considerably improved, but still negative adjusted EBITDA. With a significantly improved earnings situation in both segments, the BioIndustrial segment is expected to post a further increasing positive adjusted EBITDA and the BioScience segment a continued negative adjusted EBITDA.
Further Information
BRAIN AG Annual Report 2018/19:
www.brain-biotech.com/investors/financial-publications/2018-19
Upon request, a printed copy of the annual report can be sent by mail.
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About BRAIN
BRAIN Biotech AG is a leading European supplier of bio-based products and solutions such as enzymes and proteins, microbial production strains, natural compounds and biotechnological solutions for more sustainable industrial processes. The company focuses on the fields of nutrition, health and environment.
BRAIN Biotech AG is the parent company of the international BRAIN Biotech Group. The Group's business activities are divided into three segments: The BioProducts segment comprises the product business with specialty enzymes and other proteins, for which the Group operates fermentation facilities in the United Kingdom and production facilities in continental Europe and the United States. The BioScience segment offers research-intensive custom solutions based on enzyme technology, strain development, bioprocess development and natural product screening. The BioIncubator segment conducts its own R&D projects or those initiated with partners with high value-added potential. A particularly promising incubator project is the development of the Company's own CRISPR-based gene editing technology platform, which is currently being established and expanded by Akribion Genomics (in foundation planning).
Through its own R&D activities, BRAIN Biotech Group is continuously expanding its product portfolio in the field of specialty enzymes and small molecules. The latter are the starting point for screenings, e.g. for novel drug candidates for pharmaceutical applications.
BRAIN Biotech AG has been listed on the Prime Standard of the Frankfurt Stock Exchange since February 9, 2016 (ticker symbol: BNN; securities identification number: ISIN DE0005203947 / WKN 520394). The company employs approximately 330 people and generated revenues of EUR 55,3 million in the fiscal year 2022/23.
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Disclaimer
This press release contains forward-looking statements. These statements reflect the current views, expectations, and assumptions of the management of BRAIN Biotech AG, and are based on information currently available to the management. Forward-looking statements are no guarantees of future performance, and entail both known and unknown risks as well as uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Numerous factors exist that could influence the future performance of and future developments at BRAIN Biotech AG and the BRAIN Biotech 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, as well as other factors. BRAIN Biotech AG does not undertake any obligation to update or revise any forward-looking statements.