REGENSBURG, GERMANY--(Marketwire - August 17, 2010) -
Geneart AG / GENEART AG: Second Quarter / First Half -Year 2010 processed
and transmitted by Hugin AS. The issuer is solely responsible for the
content of this announcement.
· Net sales increase during first half-year and second quarter
· EBIT increased to EUR 92 thousand during the first half (first
half 2009: EUR 26 thousand)
· Net sales and earnings developments within the
expectations for the
financial year 2010
GENEART AG, global leader in gene synthesis and
specialist in the field of Synthetic Biology moderately increased net
9.9% to EUR 4.5M during the second quarter 2010 (second quarter
4.1M). During the overall period of the first six months net sales
from EUR 8.1M during the first half of 2009 by about 12% to EUR 9.1M
first half of 2010.
Earnings before interest, tax, depreciation and amortization (EBITDA)
to EUR 1.0M, thus exceeding the result of the first half-year 2009 by EUR
As to net sales the EBITDA margin rose from 10.1% to 11.2% during the
months. The EBIT grew from EUR 26 thousand during the first half of 2009
92 thousand in the first half of 2010. These developments of net
earnings are within the scope of the expectations for the fiscal year
results of the first half-year were influenced by a one-off special
resulting from the acquisition of the majority shares by the US-based
Technologies Corporation which caused employee options to be exercised.
special effect has no impact on liquidity, however, it increases
expenses pursuant to IFRS and has an impact of EUR 0.4M on earnings.
The cash flow from operating activities improved during the first half
0.6M from EUR -0.3M (first half 2009) to EUR 0.3M (first half 2010). The
flow from investing activities at EUR -0.8M was almost unaltered. The cash,
equivalents and securities, specified as liquidity and financial
increased from EUR 5.6M as of June 30, 2009 to EUR 7.4M as of June 30,
The operational development of GENEART AG in the second quarter still
unaffected by the takeover by Life Technologies Corporation. The GENEART AG
was able to sustain the growth of the company in what remains a
environment. For the future GENEART assumes that in the new strong
with Life Technologies the strengths of GENEART can be optimally
the joint development of the new future market of Synthetic Biology.
According to information supplied by Applied Biosystems Deutschland
Darmstadt ("ABD"), Applied Biosystems directly holds more than 95% of the
in GENEART AG. ABD notified the Board of Directors of GENEART AG
a letter dated August 3, 2010. In this letter ABD also notified GENEART
its request that an extraordinary shareholders' meeting of GENEART
resolve upon the transfer of shares of the minority shareholders to ABD
payment of an adequate cash consideration.
The Board of Directors of GENEART AG intends to comply with this request
convene an extraordinary shareholders' meeting. This meeting will
take place at a time in the last quarter of 2010. GENEART AG and ABD also
intend to conclude a domination agreement with GENEART AG as dominated
as dominating entity. This domination agreement shall be submitted for
to this extraordinary shareholders' meeting.
As to the overall fiscal year 2010 GENEART AG stand by its forecast as a
Within a normalized economical situation in the second half of 2010 we
achieve sales of EUR 18.5 to 19.5M and an EBIT of EUR 0.5 to 0.6M.
For further inquiries, please contact:
Dr. Karoline Stürmer
Phone: (0)941-942 76-417
Fax: (0)941-942 76-711
Better Orange IR & HV AG
This document may contain estimates, prognoses and opinions about company
and objectives, products or services, future results, opinions about
results or opinions leading up to these results. All these projections
future are subject to risk, uncertainty and unforeseeable change
control of the GENEART Group. Many factors may lead to actual results,
considerably deviate from the given projections for these results.
About GENEART AG:
In 2000 GENEART entered the Gene Synthesis market and has since
global market leader. Today, the company is one of the leading
the Synthetic Biology field. Experts at GENEART provide key technologies
development and production of new therapeutics and vaccines. Customers also
advantage of GENEART services to customize enzyme attributes, such
attributes of enzymes used as detergent additives, and to construct
which produce complex biopolymers or break down polymers, such as
petroleum components, etc. GENEART's service portfolio ranges from
optimization and production of synthetic genes according to DIN EN
9001:2008, to the generation of gene variants or complex gene libraries
production of cell lines, to the development and production of DNA and
based drug candidates. GENEART AG in Regensburg and its subsidiaries
Inc. in Toronto (Canada) and GENEART Inc. in San Francisco (USA) employ
180 people. The company is listed on the German Stock Exchange since May
Since April 2010, U.S.-based Life Technologies Corporation, one of the
biotechnology companies worldwide with 2009 revenues of USD 3.3B and
9,000 employees, is the majority shareholder of GENEART AG.
Josef-Engert-Str.11 Regensburg Germany
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
GENEART AG: Second Quarter / First Half -Year 2010:
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Source: Geneart AG via Thomson Reuters ONE