- STRONG OPERATIONAL CASHFLOW FACILITATES REPAYMENT OF € 70 M WITHIN THE FIRST YEAR OF THE LOAN TERM
- € 140 M LOAN WAS TAKEN TO EXPAND EVOTEC’S VALUE CHAIN WITH APTUIT IN AUGUST 2017
Hamburg, Germany, 31 July 2018:
Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today that it completes the repayment of 50% of the € 140 m debt bridge facility within the first year of being granted in context of the Aptuit acquisition in 2017. Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for € 253.2 m in cash. This acquisition was financed through existing cash reserves and a new € 140 m senior debt bridge facility.
The repayment of € 70 m within the first year of the loan period is enabled mainly through the strong cash inflow from Evotec’s operational activities in the first half of 2018. In addition, Evotec refinanced part of the loan at highly attractive terms. Evotec expects the repayment to show a significantly positive effect on the net debt ratio in the Company’s results.
Enno Spillner, Chief Financial Officer of Evotec, commented: “This early repayment underlines our strong cash-generating operating business, despite full commitments to our long-term EVT Innovate R&D and capacity-building strategy.”