Brief: Polypeptide Group H1 Revenue Of EUR 131.8 Mln

PolyPeptide AG

15/08/2023 06:11

Aug 15 (Reuters) - POLYPEPTIDE GROUP AG  PPGN.S :
    * TRANSFORMATIONAL PROGRESS TAKING SHAPE, PROFITABILITY
IMPACTED
BY RAPID EXPANSION – APPOINTMENT OF MARC AUGUSTIN AS NEW CFO
    * GROWTH EXCLUDING REVENUE ASSOCIATED WITH CORONAVIRUS
PANDEMIC
WAS 29.3%, DISPLAYING STRONG PEPTIDE-DRIVEN MOMENTUM
    * UPDATED GUIDANCE FOR 2023: PRIORITY IS TO FULFILL CUSTOMER
DEMAND AND TO CONTINUE TO GROW, WHILE IMPLEMENTING OPERATIONAL
AND PROFITABILITY IMPROVEMENT INITIATIVES
    * OUTLOOK 2023: GROUP NOW AIMS FOR MID TO HIGH SINGLE-DIGIT
PERCENTAGE REVENUE GROWTH VERSUS 2022
    * APPOINTMENT OF MARC AUGUSTIN AS CFO AND MEMBER OF
EXECUTIVE
COMMITTEE; HE JOINS POLYPEPTIDE DURING COURSE OF Q1 2024
    * OUTLOOK: AT LOWER END OF THAT RANGE, EBITDA IS EXPECTED TO
BE
AROUND BREAK-EVEN, EXCLUDING EUR 9.5 MILLION WRITE-DOWN OF
INVENTORY IN H1 2023. AS PREVIOUSLY ANNOUNCED, GROUP WILL END
2023 WITH A NET LOSS
    * APPOINTMENT OF MARC AUGUSTIN AS CFO AND MEMBER OF
EXECUTIVE
COMMITTEE; HE JOINS POLYPEPTIDE DURING COURSE OF Q1 2024 WITH A
STRONG BACKGROUND IN A HIGH-GROWTH CDMO ENVIRONMENT AS WELL AS
WITH DEEP FINANCE AND OPERATIONAL EXPERIENCE
    * H1 NET CASH FLOWS FROM OPERATING ACTIVITIES DURING H1 2023
REACHED EUR -48.3 MILLION
    * WITHIN THAT, NET CASH FLOW FROM CHANGES IN NET WORKING
CAPITAL
WAS EUR -23.4 MILLION, INCLUDING A EUR -22.1 MILLION
CONTRIBUTION FROM INCREASE OF TRADE RECEIVABLES, REFLECTING THAT
MORE THAN HALF OF REVENUE IN H1 2023 WAS RECOGNIZED TOWARD END
OF REPORTING PERIOD
    * CHANGES IN INVENTORIES HAD AN EFFECT OF EUR -6.7 MILLION,
WHERE
REDUCTION IN WORK IN PROGRESS AND FINISHED GOODS WAS MORE THAN
OFFSET BY AN INCREASE IN RAW MATERIALS AHEAD OF GROWTH EXPECTED
FOR H2 2023
    * H1 ITH CASH FLOWS FROM ACQUISITIONS OF PROPERTY, PLANT AND
EQUIPMENT AS WELL AS INTANGIBLE ASSETS OF EUR -31.4 MILLION,
FREE CASH FLOW ADDED UP TO EUR -79.7 MILLION
    * CASH AND CASH EQUIVALENTS REACHED EUR 9.0 MILLION AT END
OF H1
2023 (VERSUS EUR 37.5 MILLION AT END OF 2022), WITH PROCEEDS
FROM SHORT-TERM BORROWINGS FROM BANKS OF EUR 55.2 MILLION
    * H1 REVENUE OF EUR 131.8 MILLION, REPRESENTING A 1.4%
DECLINE
VERSUS H1 2022 AND 2.9% GROWTH AT CONSTANT CURRENCY RATES
    * H1 GROSS PROFIT FOR H1 2023 AMOUNTED TO EUR -10.6 MILLION
(VERSUS EUR 37.8 MILLION IN H1 2022)
    * PIPELINE OF 226 ACTIVE CUSTOM PROJECTS AS AT 30 JUNE 2023
(220
END OF 2022); SECURED 17 NEW PEPTIDE AND OLIGONUCLEOTIDE
PROJECTS, OF WHICH 6 ARE WITH NEW CUSTOMERS; 31 (30 END OF 2022)
PROJECTS IN PHASE III OF CLINICAL DEVELOPMENT.
    * H1 EBITDA WAS EUR -19.4 MILLION (EUR 26.7 MILLION)

Source text for Eikon:  ID:nEQ6Lh7XGa 
Further company coverage:  PPGN.S 

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