Tallinn, 2023-03-10 15:30 CET --
J.Molner AS submits the group's audited annual reports for 2022. J.Molner AS is
a holding company that does not have an independent economic activity, thus,
the J.Molner AS also submits the audited annual report of its subsidiary The
J.Molner Company OÜ (the "Company"). These are abbreviated annual reports of a
small business, therefore the statement of changes in equity and the statement
of cash flows are not included. Beginning with the unaudited interim reports
for the first half of 2023, which are presented in consolidated form, these
reports will be included.
J.Molner AS management report
J.Molner AS was founded on 22 September 2022 as a holding company without
independent economic activity. The purpose of establishing J.Molner AS was the
initial public offering and admission to trading on the First North
multilateral trading facility of the shareholding in The J. Molner Company OÜ.
As the corporate form (private limited company) of The J.Molner Company OÜ did
not allow it to make a public offering of the holding and apply for admission
to trading, J.Molner AS was founded. J.Molner AS was established with
non-monetary contributions the object of which was a 100% holding in J. Molner
Company OÜ, thus J.Molner AS is the parent company of J. Molner Company OÜ.
In 2022, J.Molner AS did not perform any more activities apart from the
acquisition of a 100% holding in The J. Molner Company OÜ as a share capital
contribution, and the expenses incurred for conducting the IPO. In order to
assess the economic results of J.Molner AS as a publicly traded company, we
recommend reviewing the annual report of The J. Molner Company OÜ.
Statement of financial position
(In Euros)
31.12.2022 22.09.2022
Assets
Current assets
Cash and cash equivalents 644 410 0
Receivables and prepayments 124 0
Other receivables 124 0
Total current assets 644 534 0
Non-current assets
Investments in subsidiaries and associates 1 600 000 1 600 000
Shares of subsidiaries 1 600 000 1 600 000
Total non-current assets 1 600 000 1 600 000
Total assets 2 244 534 1 600 000
Liabilities and equity
Liabilities
Current liabilities
Payables and prepayments 89 474 0
Trade payables 89 474 0
Total current liabilities 89 474 0
Total liabilities 89 474 0
Equity
Issued capital 1 686 001 1 600 000
Share premium 612 327 0
Annual period profit (loss) -143 268 0
Total equity 2 155 060 1 600 000
Total liabilities and equity 2 244 534 1 600 000
Income statement
(In Euros)
22.09.2022 - 31.12.2022
Other operating expense -143 272
Operating profit (loss) -143 272
Interest income 4
Profit (loss) before tax -143 268
Annual period profit (loss) -143 268
The J.Molner Company OÜ management report
The J.Molner Company OÜ was founded in 2020 in Tallinn. The length of the
annual report is the year 2022, from January 1, 2022 to December 31, 2022. The
main activity of the Company is research and development in the field of
biotechnology.
The activities of the Company are divided in to two main fields:
• Chemistry analytical and development services for third-parties;
• Development of the Company's own line of generic pharmaceuticals.
In 2022, the Company continued to execute on both of its key activities. In
analytical and development services, the Company served a number of customers
from the United States, Canada, and Europe. To support the continued evolution
of this business, the Company implemented a new quality management software
solution. Subsequently, the Company was inspected by the Estonia Medicines
Board in January, 2023 which was successfully completed.
The Company also continued actively developing its own line of generic
pharmaceutical products. This included the in-house development of one drug for
the USA, and one drug for the Canadian market. In July, 2022, the Company
acquired the US market authorizations for three approved drugs. As a result,
the Company dedicated significant time and laboratory capacity to the relaunch
of these products which requires undertaking a transfer to a new manufacturing
site and a regulatory acceptance process. This work is ongoing with the first
regulatory submission for approval of site change anticipated in the third
quarter of 2023. 786,176 euros were spent on research and development in 2022.
The Company also in-licensed the rights to two pharmaceutical products for the
Canadian market in 2022 and executed the first submission for approval by
Health Canada. The Company anticipates filing the second submission in the
first quarter of 2023 and the approval of the first Canadian drug during the
year 2023.
In the second half of 2022, the Company focused most of its internal resources
on the development of its own products and the relaunch of the acquired US
products. This limited our capacity for providing external services in the last
quarter of the year. In particular, one third-party services project
anticipated for 2022 was shifted into the first quarter of 2023. To increase
capacity further, the Company recruited 8 employees who, after training, will
add to the ability of the Company to execute its plans. As a result of this
change in focus and capacity constraint, the Company's revenue for the full
year was EUR 191,657.
• The Company's business is not seasonal.
•The Company's activities do not have significant environmental and social
impacts.
•Interest rates did not change significantly during the financial year and
during the period of preparation of the annual report.
Financial Ratios 2022
-------------------------------------------------------------------------------
Current Ratio 0,6
EBITA, € -596 974
Turnover per employee, € 10 087
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Current Ratio = Current assets/Current liabilities
EBITA, € = Operating profit + Depreciation and impairment loss
Turnover per employee, € = Revenue/Average number of employees
Statement of financial position
(In Euros)
31.12.2022 31.12.2021
Assets
Current assets
Cash and cash equivalents 77 927 242 806
Receivables and prepayments 173 588 63 855
Inventories 9 388 11 293
Total current assets 260 903 317 954
Non-current assets
Investments in subsidiaries and associates 262 262
Receivables and prepayments 98 066 0
Property, plant and equipment 138 815 100 607
Intangible assets 790 556 6 974
Total non-current assets 1 027 699 107 843
Total assets 1 288 602 425 797
Liabilities and equity
Liabilities
Current liabilities
Loan liabilities 274 178 251 077
Payables and prepayments 187 597 141 869
Total current liabilities 461 775 392 946
Non-current liabilities
Loan liabilities 1 022 178 358 104
Total non-current liabilities 1 022 178 358 104
Total liabilities 1 483 953 751 050
Equity
Issued capital 2 500 2 500
Other reserves 750 000 0
Retained earnings (loss) -327 753 0
Annual period profit (loss) -620 098 -327 753
Total equity -195 351 -325 253
Total liabilities and equity 1 288 602 425 797
Income statement
(In Euros)
2022 2021
Revenue 191 657 505 260
Other income 6 570 17 511
Work performed by entity and capitalized 226 756 0
Raw materials and consumables used -164 850 -135 248
Other operating expense -265 712 -137 717
Employee expense -555 585 -539 282
Depreciation and impairment loss (reversal) -12 649 -13 804
Other expense -10 512 -3 866
Operating profit (loss) -584 325 -307 146
Interest expenses -72 340 -16 369
Other financial income and expense 36 567 -4 238
Profit (loss) before tax -620 098 -327 753
Annual period profit (loss) -620 098 -327 753
For additional information please contact:
Jason Grenfell-Gardner
J.Molner AS
Management Board member
+372 536 00 346
jason@jmolner.com
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