UPDATE ON THE FINANCIAL SITUATION
PROGRESS OF THE RESTRUCTURING PLAN
Seneffe (Belgium), April 11, 2023, 6:00 p.m. – As part of its major transformation plan, Pharmasimple (ISIN Code: BE0974302342. Ticker: ALPHS) is continuing its policy of transparency towards the financial community and provides below the elements of information on the evolution of its debt reduction and on the restructuring measures in progress.
Compared to 31/12/2022, the debt situation has evolved as follows:
|
In €m (unaudited data) |
03/31/2023 |
31/12/2022 |
Variation |
Reminder 31/12/2021 |
|
Equity |
1.9 | 3.8 | -50% |
4.1 |
|
Treasury |
0.3 | 0.6 | -50% |
1.1 |
|
Long term bank debt |
0.8 | 0.9 | -11% |
5.5 |
|
Short term bank debt |
0.5 | 0.5 | – |
4.2 |
|
Payables |
2.0 |
2.8 |
-29% |
3.6 |
As of March 31, 2023, Pharmasimple’s net debt amounted to €1.0 million, to which is added €2.0 million in trade payables. The cumulative total of the two debt items shows a reduction of €0.6 million in three months, the result of the active policy of reducing supplier outstandings inherited from the divested Internet activity.
The mechanical reduction in shareholders’ equity is linked to retrocessions from pharmacies, the acquisition of which Pharmasimple has decided to postpone. To date, the company operates 6 pharmacies in Belgium.
The reorganization of structural staff has continued since 1
er
January with the departure of 7 employees, reducing the administrative staff from 11 to 4.
Pharmasimple intends to continue its debt reduction efforts in 2023, in order to return to a financial structure compatible with its new economic model, centered on the operation of pharmacies, and with its forecast level of activity.
The company plans to resume its pharmacy acquisition program as soon as its total debt has returned to a level of around one million euros.
Warning for investors: Pharmasimple has been using financing in the form of convertible bonds since April 2022, which includes risks of strong downward pressure on the share price and high dilution due to the large number of securities issued.
contacts:
Company
PHARMASIMPLE
Michael Willems
Financial communication
CapValue
About Pharmasimple
:
About Pharmasimple: Pharmasimple is a distribution group specializing in the sale of pharmaceutical and parapharmaceutical products. With a network of around ten pharmacies in Belgium, the company aims to become one of the leaders in its sector in this country through an ambitious program of external growth. In 2021, Pharmasimple achieved sales of €30.0 million. Pharmasimple shares are listed on the Euronext Growth market. ISIN code: BE0974302342. Mnemonic: ALPHS.
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