IGEA discloses its Annual Report 2022

Hoofddorp, the Netherlands, 30 July 2023. IGEA Pharma N.V. (SIX: IGPH) announced the disclosure if its Annual Report 2022.

Overview 2022

The Group did not start to generate revenue in the ‘Industrial processing’ segment as expected (same as previous period) and the ‘Distribution’ segment did not operate as expected due to defocused activities (2021: marginal revenue for TEUR 103.3).Costs of the sales were TEUR 10.7 (2021: TEUR 126.2) and were generated by write-offs of previous years’ financial positions exclusively. Impairments on financial assets are disclosed separately in the profit or loss statement and therefore the item was not included in the gross result. Operating expenses, net of other income, were TEUR 10,458.2 (2021: TEUR 1’248.3), of which TEUR 10,223.7 (2021: TEUR 413.5) due to impairment charges only. Other income substantially due to non-recurring operations was EUR 361.7 (2021: TEUR 179.9).Further impairment charges for TEUR 1,297.3 (2021: none) were recognized by the Group on associates and joint ventures accounted for using the equity method, without any recognition of share of loss on entities accounted for using the same method (2021: share of loss of TEUR 132.3).EBITDA as adjusted (before impairment charges) and EBIT was TEUR (234.6) (2021: (863.8)) and TEUR (11,755.5) (2021: TEUR (1,277.3)) respectively.Net finance result was negligible (same as previous period).Net loss of the period was TEUR 11,778.1 (previous period: TEUR 1,258.9),representing a basic and diluted loss per share of EUR 0.0347 (2021: basic and diluted loss per share of EUR 0.0039).

As of 31 December 2022, the Group held total assets of TUER 222.0 (2021: TEUR 11,448.3), all of which are of current nature (2021: non-current asset of TEUR 10,321.2 and current assets for 1,127.1). The decrease of TEUR 11,226.3 (2021: increase of TEUR 8,935.3) is substantially due to the relevant impairments recognized during the period.Liabilities were TEUR 2,622.0 (2021: TEUR 2,144.8), with an increase substantially due to loans convertibles in share of IGEA only still classified as financial liabilities on 2022, and the total shareholder’s equity was TEUR (2,400.0) (2021: TEUR 9,303.5).The cash flow during 2022 (net of any exchange difference effects) was TEUR 5.7 (2021: cash use for TEUR 162.1), of which TEUR 401.2 (2021: TEUR 1,085.9) used for operations, TEUR 107.4 used for investing activities (2021: cash inflow from investing activities of TEUR 291.8) and TEUR 514.3 deriving from financing activities (2021: TEUR 632.0).Cash and cash equivalents at year’s end is TEUR 29.9 (2021: TEUR 17.1). The Group ensured additional cash during 2023 necessary to finance its actual level of activities.

Outlook 2023

As previously disclosed, the Board decided onMay 2023 to sell the ‘Industrial processing’ segment as well as certain activities of the ‘Distribution’ segment, giving serious doubts on the continuation of those activities.IGEA did not grant any liabilities or had any constructive obligation ensuring that previously participating interest would pay their liabilities, and this operation will strengthen the equity with a reduction from TEUR (2,400.0) as of 31 December 2022 down to expected TEUR (317.7) net of the effects of the transaction, the further conversion of outstanding notes into shares and before any result of 2023, generally reduce the overall IGEA’s liabilities from TEUR 2,622.0 down to TEUR 613.4 (net of any further conversion of outstanding notes into shares), and simplify the Group’s operational structure, which the Board considers strategic conditions to pursue operations.

The Annual Report 2022 is available at https://www.igeapharma.nl/category/financial-reports/

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About IGEA

IGEA Pharma N.V. focuses on CBD and other valuable vegetable extractions for health prevention, cosmeceutical and other selected industries. Furthermore, IGEA operates on preventative health-tech products and devices, commercializing an Alzheimer’s prevention set (which includes ’Alz1’, an at-home lab test kit to measure non-bound copper in the blood and a natural dietary supplement branded ‘Alz1 Tab’ designed to reduce blood heavy metals content) and expects to integrate the non-bound copper detection-based pipeline with a diabetes type II prevention set in the next future.

IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl

Contacts

Pierpaolo Cerani, CEO,cerani@igeapharma.nl

Disclaimer

This document constitutes neither an offer to buy nor to subscribe securities and either this document nor any part of it should form the basis of any investment decision in IGEA. The information contained in this press release has been carefully prepared. However, IGEA bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. IGEA does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons. This publication may contain specific forward-looking statements and assessments or intentions concerning IGEA and its business. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development, or performance of IGEA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. IGEA assumes no responsibility to update forward-looking statements or to adapt them to future events or developments, except as maybe required by law.