PRESS RELEASE: SYGNIS AG: SYGNIS reports nine month results for the period ended 30 September 2013
PRESS RELEASE: SYGNIS AG: SYGNIS reports nine month results for the period ended 30 September 2013
DGAP-News: SYGNIS AG / Key word(s): Quarter Results SYGNIS AG: SYGNIS reports nine month results for the period ended 30 September 2013
14.11.2013 / 10:19
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Press Release
SYGNIS reports nine month results for the period ended 30 September 2013
* Operating result improved by 65% * Significant decrease of expenses by 46% * New funds of EUR2.7 million raised * Registration of Capital increase completed
Madrid/Heidelberg, 14 November 2013 - SYGNIS AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today reported results for the first nine months ended 30 September 2013. Due to the business combination completed in December 2012, the new SYGNIS includes the total income and expenses of X-Pol and old SYGNIS for 9M 2013 and only those of X-Pol in the prior-year period, due to accounting requirements based on the reverse acquisition. Thus the comparability of the financial results reported for the first nine months 2013 with the corresponding prior-year data is very limited.
Adjusted for this effect, i.e. assuming that the income and expenses of both parts of the business would have been fully taken into account already in 9M 2012, the pro forma comparison of periods shows that cost savings measures have led to a significant decrease in total costs and expenses by 46% to EUR3.2 million (pro forma 9M 2012: EUR5.9 million). Excluding non-recurring expenses of EUR0.5 million, the decrease of expenses would have been more than 50%. Revenues remained at EUR0.4 million and the operating result (EBIT) improved by 65% to -EUR2.8 million (pro forma 9M 2012: -EUR8.1 million).
In the first nine months of 2013, the reported loss for the period was -EUR2.8 million (previous year: -EUR1.8 million). Operating expenses for the first nine months totaled EUR3.2 million (previous year: EUR0.9 million).
Continued here:
PRESS RELEASE: SYGNIS AG: SYGNIS reports nine month results for the period ended 30 September 2013
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