Evotec Provides Update on Planned NASDAQ Listing in the Context of its Announced Acquisition ...(1 and the EVT 100 series which according...)

Date:1/7/2008

1 and the EVT 100 series, which according to IFRS has to be capitalized and to be carried forward according to IAS 38. EUR 7.1 million was allocated to the customer list and EUR 0.5 million to goodwill. This change in accounting has also resulted in a net deferred tax effect in the amount of EUR (0.4) million. In total, those adjustments have led to an improvement of the Evotec group net income for the fiscal year 2005 in the amount of EUR 18.1 million and in a respective increase in total shareholders' equity. The adjustments have also impacted the subsequent consolidated financial statements of Evotec AG. For the year ended December 31, 2006 the related net deferred tax benefit amounted to EUR 5.0 million and for the period ending September 30, 2007 to EUR 1.5 million, resulting in a respective improvement of Evotec group net income and increase in total shareholders' equity.

Similarly, the revaluation of certain fixed assets for the 2004 and 2005 fiscal years as well as the representation of the earn-out of founding shareholders in the context of the acquisition of ProPharma Ltd. has also been adjusted for the fiscal years 2004, 2005 and 2006 to harmonize treatment under IFRS and US GAAP. Those adjustments have resulted in a reduction of Evotec group net income in the amount of EUR 0.1 million in 2004, EUR 0.5 million in 2005 as well as EUR 0.2 million in 2006. The net effect of both adjustments resulted in an increased accumulated deficit in the amount of EUR 0.8 million as of September 30, 2007.

Finally, for the nine months period ending September 30, 2007 the non-operating profit from the divestment of Evotec Technologies to PerkinElmer (EUR 11.2 million) was now allocated to discontinued operations instead of continuing operations as shown in Evotec's third quarter report.

All of these adjustments do not result in a material change of Evotec's financial position and are cash neutral for all periods.

Evotec will publish the revised
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SOURCE Evotec AG Copyright©2008 PR Newswire. All rights reserved

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