voda schreef op 4 maart 2021 07:23:
Dit is niet best hoor!
Other finance income decreased by approximately €0.4 million, from €1.0 million for the year
ended 31 December 2019 to €0.6 million for the year ended 31 December 2020, as a result of
decreased interest on cash balances due to lower interest rates in the US.
Other finance expenses increased by €13.9 million, or 91.0%, from €15.3 million for the year
ended 31 December 2019 to €29.2 million for the year ended 31 December 2020. This increase
was primarily due to the significant decrease in the US dollar versus the Euro during 2020.
Significant negative currency effects (€12.6 million) were incurred on the cash reserves invested
in US government securities.
In addition, the interest expenses on loans and borrowings declined significantly due to
repayment of the Orbimed loan facility in January 2020, resulting in a decrease of €7.1 million
during the year ended 31 December 2020.
Finally, the Company incurred interest expenses on the convertible bonds, being issued during
January 2020. The Company offered €125 million of five-year convertible bonds. The bonds
were more than three times oversubscribed in a book building exercise conducted by J.P.
Morgan, the sole book runner, and the offer closed within a few hours. The Bonds were offered
via an accelerated book building process through a private placement to institutional investors
outside the United States of America, Australia, South Africa and Japan only. The net proceeds
of the issue of the bonds were used to redeem the loan of Orbimed Advisors in full, with a
settlement payment of $55.6 million (€50.1 million). On repayment of the loan, the Company
had to pay an exit fee of 5% (€3.8 million). The remaining balance of the net proceeds will be
used to support capital expenditure in relation to the expansion of the Company’s
commercialization and manufacturing infrastructure and also serve as a funding for the launch
of leniolisib, if approved, as well as for additional acquisitions / in-licensing opportunities.