DGAP-News

Formycon Reports its Nine-month Figures for 2020

DGAP-News: Formycon AG / Key word(s): 9 Month figures/Miscellaneous Formycon Reports its Nine-month Figures for 2020 11.11.2020 / 07:30 The issuer is solely responsible for the content of this announcement.

Press Release // November 11, 2020

Formycon Reports its Nine-month Figures for 2020

- Group turnover and other earnings total EUR 23.5 million

- EBITDA is EUR -2.0 million and corresponds to expectations

- Group revenues for 2020 remain forecast to be EUR 35.0 to 40.0 million

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today announced its figures for the first nine months of the 2020 fiscal year.

Sales and other income of the Formycon Group totaled EUR 23.5 million as of September 30 of this year (prior year period: EUR 26.8 million). Earnings before interest, taxes and depreciation on fixed assets and intangible assets (EBITDA) amounted to EUR -2.0 million (previous year: balanced at EUR 0.0 million). The operating result (EBIT) as well as the net result amounted to a rounded EUR -2.7 million (previous year: EUR -0.7 million each) and were thus in line with the forecasts. Formycon is consistently working on building and developing its own pipeline and is investing in organizational development, such as the expansion of internal capacities and far-reaching measures to further digitalize processes.

The reported sales revenues result from reimbursements for development work in the licensed-out projects or projects developed in partnership (FYB201, FYB202 and FYB203). For the 2020 fiscal year, revenues of between EUR 35.0 and 40.0 million are still anticipated at Group level.

The Formycon Group's stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 19.2 million as of September 30, 2020. Including short-term receivables from deliveries and services, as well as other assets worth around EUR 4.3 million, the Formycon Group held liquid assets totaling EUR 23.6 million on the day of reporting. The cash capital increase announced in October 2020 with gross proceeds of EUR 25.75 million, which was fully subscribed by the strategic investor the Active Ownership Group, has now been fully implemented. The company's liquid assets have increased accordingly to almost EUR 50 million.