NeuroSearch A/S releasing Annual Report 2017
Announcement no. 1-18
Page 1 of 2
Company announcement
9 February 2018
The full version of the Annual Report 2017 for NeuroSearch is available in the enclosed PDF file.
In 2017, NeuroSearch (NEUR) realised an operating loss on continuing operations of DKK 1 million (2016: 6 million), which was in line with the Company's previously announced expectations of an operating loss of DKK 1 million.
NeuroSearch realised a profit of DKK 3 million on discontinued operations (2016: DKK 1 million).
NeuroSearch realised a loss after tax on continuing operations of DKK 11 million (2016: income of DKK 22 million).
The result for the year was a loss of DKK 8 million (2016: income of DKK 23 million).
At the end of 2017, cash and cash equivalents totalled DKK 74 million (2016: DKK 74 million).
For a complete description of performance in the 2017 financial year, we refer to the Annual Report 2017 of NeuroSearch accompanying this announcement, and which is also available on our website as from today.
Outlook for 2018
For 2018, NeuroSearch expects an operating loss in the range of DKK 3.5-4.5 million, based on going concern assumption. The expectations do not include any potential income from the Company’s agreement with Teva Pharmaceuticals.
Karin Garre Allan Andersen
Chairman CEO
Contact
Allan Andersen, CEO, mobile +45 4016 3864.
About NeuroSearch
NeuroSearch A/S (NEUR) is listed on Nasdaq Copenhagen A/S.
Page 2 of 2
APPENDIX
Financial highlights
| (DKK millions) | 2013* | 2014* | 2015* | 2016* | 2017 | |||||
| Income statement and statement of comprehensive income | ||||||||||
| Gain from divestment of intellectual property rights | 28.8 | - | - | 1.3 | 2.2 | |||||
| Development costs | 21.7 | - | - | - | - | |||||
| Administrative expenses | 16.7 | 13.3 | 6.5 | 7.6 | 3.2 | |||||
| Operating profit/(loss) | (9.6 | ) | (13.3 | ) | (6.5 | ) | (6.3 | ) | (1.0 | ) |
| Net financials | 5.1 | 2.7 | (0.3 | ) | 27.9 | (9.8 | ) | |||
| Profit/(loss) of continuing operations before tax | (4.5 | ) | (10.6 | ) | (6.8 | ) | 21.6 | (10.8 | ) | |
| Net profit/(loss) of discontinued operations | 15.6 | 1.6 | 1.3 | 1.2 | 3.0 | |||||
| Net profit/(loss) for the year | 12.4 | (7.7 | ) | (5.5 | ) | 22.8 | (7.9 | ) | ||
| Comprehensive income*** | 6.6 | (10.2 | ) | (5.3 | ) | (1.0 | ) | 2.0 | ||
| Balance sheet | ||||||||||
| Total assets | 92.2 | 84.0 | 78.6 | 79.4 | 74.5 | |||||
| Cash and cash equivalents and securities | 88.8 | 83.4 | 78.0 | 74.4 | 74.1 | |||||
| Equity | 88.0 | 77.7 | 72.4 | 71.4 | 73.4 | |||||
| Ratios** (DKK) | ||||||||||
| Earnings per share | 0.50 | (0.32 | ) | (0.23 | ) | 0.93 | (0.32 | ) | ||
| Diluted earnings per share | 0.50 | (0.32 | ) | (0.23 | ) | 0.93 | (0.32 | ) | ||
| Net asset value | 3.58 | 3.17 | 2.95 | 2.91 | 2.99 | |||||
| Market price at year end | 3.10 | 2.59 | 2.51 | 3.01 | 4.21 | |||||
| Market price/net asset value | 0.87 | 0.82 | 0.85 | 1.04 | 1.41 | |||||
| Average number of employees | 18 | 2 | 2 | 2 | 1 | |||||
| Number of employees at 31 December | 2 | 2 | 2 | 2 | 1 | |||||
* The comparative figures for 2013 to 2016 cover the Consolidated Financial Statements of NeuroSearch A/S and its wholly owned subsidiaries NeuroSearch Sweden AB, Poseidon Pharmaceuticals A/S and NsExplorer A/S, all of which have now been wound up.
** The ratios are stated in accordance with "Recommendations and Financial Ratios" issued by The Danish Finance Society.
*** Comprehensive income includes unrealised exchange adjustment of net investment and fair value adjustment of the hedge of the net investment in NeuroSearch Sweden AB.