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NeuroSearch A/S releasing Annual Report 2018

Company announcement
25 February 2019





The full version of the Annual Report 2018 for NeuroSearch is available in the enclosed PDF file.

In 2018, NeuroSearch (NEUR) realised an operating loss on continuing operations of DKK 2.4 million (2017:1.0 million), which was in line with the Company's previously announced expectations of an operating loss of DKK 2-3 million.

NeuroSearch realised a loss after tax on continuing operations of DKK 2.8 million (2017:DKK 10.8 million).

The result for the year was a loss of DKK 2.8 million (2017:DKK 7.9 million).

At the end of 2018, cash and cash equivalents totalled DKK 71.2 million (2017:DKK 74.1 million).

For a complete description of performance in the 2018 financial year, we refer to the Annual Report 2018 of NeuroSearch accompanying this announcement, and which is also available on our website as from today.

Outlook for 2019
For 2019, NeuroSearch expects an operating loss of DKK 4-6 million. The expectations do not include expenses in connection with the preparations for a potential merger or the like with Nordic Transport Group Holding A/S.


Mikkel Primdal Kæregaard                                                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.



APPENDIX

Financial highlights

(DKK millions)   2014* 2015* 2016* 2017   2018  
     
Income statement and statement of comprehensive income            
Gain from divestment of intellectual property rights   -   -   1.3   2.2   2.9  
Development costs   -   -   -   -   -  
Administrative expenses   13.3   6.5   7.6   3.2   5.3  
Operating profit/(loss)   (13.3 ) (6.5 ) (6.3 ) (1.0 ) (2.4 )
Net financials   2.7   (0.3 ) 27.9   (9.8 ) (0.4 )
Profit/(loss) of continuing operations before tax   (10.6 ) (6.8 ) 21.6   (10.8 ) (2.8 )
Net profit/(loss) of discontinued operations   1.6   1.3   1.2   3.0   -  
Net profit/(loss) for the year   (7.7 ) (5.5 ) 22.8   (7.9 ) (2.8 )
Comprehensive income***   (10.2 ) (5.3 ) (1.0 ) 2.0   (2.8 )
           
Balance sheet            
Total assets   84.0   78.6   79.4   74.5   71.5  
Cash and cash equivalents and securities   83.4   78.0   74.4   74.1   71.2  
Equity   77.7   72.4   71.4   73.4   70.5  
             
Ratios** (DKK)            
Earnings per share   (0.32 ) (0.23 ) 0.93   (0.32 ) (0.12 )
Diluted earnings per share   (0.32 ) (0.23 ) 0.93   (0.32 ) (0.12 )
Net asset value   3.17   2.95   2.91   2.99   2.87  
Market price at year end   2.59   2.51   3.01   4.21   4.30  
Market price/net asset value   0.82   0.85   1.04   1.41   1.50  
             
Average number of employees   2   2   2   1   1  
Number of employees at 31 December   2   2   2   1   1  

*     The comparative figures for 2014 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 in the year from 2014 to 2017.

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