23 January 2014
The full version of the Annual Report 2013 for NeuroSearch is available in the enclosed PDF file.
In 2013, the NeuroSearch Group (NEUR) posted an operating loss on continuing operations of DKK 10 million (2012: 290 million), which was on a level with the Company's previously announced expectations of an operating loss of DKK 10 million.
The Company posted a profit of DKK 16 million on discontinued operations (2012: DKK 57 million). The income was primarily related to the sale of laboratory equipment and office equipment.
NeuroSearch posted a loss after tax on continuing operations of DKK 3 million (2012: DKK 333 million).
Consolidated profit was DKK 12 million (2012: a loss of DKK 276 million).
At the end of 2013, cash and cash equivalents totalled DKK 89 million (2012: DKK 81 million).
For a complete description of performance in the 2013 financial year, we refer to the Annual Report 2013 of NeuroSearch accompanying this announcement, and which is also available on our website as from today.
Events in 2013 and until today:
The Public Prosecutor for Special Economic and International Crime
Financial statements review dispute
Karin Garre was elected new member of the Board of Directors, and the Board met immediately thereafter and elected Karin Garre as Chairman.
The Board of Directors thereafter consists of three members elected by the shareholders: Karin Garre, Allan Andersen and Christian Lundgren.
Outlook for 2014
In 2014, NeuroSearch expects an operating loss of approximately DKK 10 million. This does not include any loss or profit arising out of a potential sale of NeuroSearch's remaining assets.
NeuroSearch will provide an update of its outlook no later than on 26 March 2014 when the Annual General Meeting will be held.
Allan Andersen, CEO, mobile +45 4016 3864.
NeuroSearch A/S (NEUR) is listed on NASDAQ OMX Copenhagen A/S.
Financial highlights for the NeuroSearch Group*
|Income statement and comprehensive income****|
|General and administrative costs||38.8||23.2||123.4||(46.7)||16.7|
|Profit/(loss) of continuing operations before tax||(331.2)||(145.8)||(349.1)||(327.1)||(4.5)|
|Net profit/(loss) of discontinued operations||-||(160.4)||(329.3)||57.4||15.6|
|Profit/(loss) for the period||(287.1)||(259.0)||(678.4)||(275.6)||12.4|
|Cash and cash equivalents and securities||808.5||480.6||220.6||81.4||88.8|
|Investments in property, plant and equipment||19.8||10.8||3.6||-||-|
|Per share ratios** (DKK)|
|Earnings per share||(16.39)||(10.56)||(27.63)||(11.22)||0.50|
|Diluted earnings per share||(16.39)||(10.56)||(27.63)||(11.22)||0.50|
|Net asset value||48.15||40.49||13.06||3.30||3.58|
|Market price at year-end||77.0||95.0||17.7||3.74||3.10|
|Market price/net asset value||1.60||2.35||1.36||1.13||0.87|
|Average number of employees||235||235||222||88||18|
|Number of employees at 31 December||226||243||189||29||2|
* Only the comparative figures for 2010 and 2011 have been restated to reflect the continuing operations. It has not been possible to make the same split between continuing and discontinued operations for years prior to 2010 as the company has only had more than one organisational segment since 2011.
** The ratios are stated in accordance with "Recommendations and Financial Ratios" issued by the Danish Society of Financial Analysts.
*** Comprehensive income includes unrealised currency translation adjustment and fair value adjustment of the hedge of the net investment in NeuroSearch Sweden AB.
**** See the section on financial statements review dispute on page 11 concerning classification of the proceeds from the sale of the Huntexil® as revenue.