GENEART Ploughs Back Accumulated Profit for Further Company Growth

Additional liquidity available to continue company growth

17-Jul-2009 - Germany

During annual general meeting of GENEART AG shareholders resolved with a large majority to plough back and carry forward the accumulated profit of EUR 1,819,248.42. GENEART AG's net profit for the 2008 fiscal year was EUR 0.73M. The group's net profit (IFRS) totaled EUR 0.67M with net sales of EUR 15.7M. GENEART will utilize the retained liquidity for further company growth.

GENEART AG's entire new board of directors answered all shareholders' questions and was available for discussions. Daniel Seibert, the new CFO, responsible for Controlling & Accounting, Investor Relations, Human Resources and Procurement, joined the management team around Prof. Dr. Ralf Wagner (CEO and Chief Scientific Officer) last month. The management team had already been complemented in May 2009 by Dr. Marcus Graf, co-founder of the company and new Chief Operating Officer, and Bernd Merkl as new Chief Business Officer.

Considering the difficult economic environment GENEART AG's board of directors expressed its overall satisfaction with the 2009 business performance so far in its annual general meeting.

So far, GENEART is satisfied with the order development of small and mid-sized customers this year. Only recently a supply contract was negotiated with the Max Planck Institute and an exclusive framework contract was finalized with Actelion. In this segment an unchanged course for growth could be followed. However, major contracts in the magnitude of EUR 500 thousand, like the NIH order in the years 2007 and 2008, still fail to materialize, and therefore make planning more difficult.

Keeping this in mind, the company expects net sales to reach at least previous year's levels of EUR 16M. Assuming an improved market situation in the second half of the year and provided further strategic measures for the further consolidation of the market, net sales of EUR 17M to 18M and a balanced EBIT can be achieved.

https://www.bionity.com/en/news/103467/geneart-ploughs-back-accumulated-profit-for-further-company-growth.html