SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
February 14, 2003
Commission file number 0-28526
GENSET S.A.
(Exact name of registrant as specified in its charter)
24, rue Royale
75008 Paris, France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):____
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):____
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______________.
[GENSET LOGO -- OMITTED]
FOR IMMEDIATE RELEASE
---------------------
Contacts:
GENSET
+33 1 60 79 66 66
Marc Vasseur
Chairman & Chief Executive Officer
Genset Reports Annual Revenues for 2002 and Expected Results for
Year-End 2002
Paris, France, February 14, 2003 - Genset (Code Sicovam : 5433),
today announced its total revenues for 2002, as follows :
2002 2002
---------- ----------
1) Parent Company:
First quarter ....... 2 095 2 831
Second quarter ...... 174 2 467
Third quarter ....... 162 2 048
Fourth quarter ...... 266 3 055
---------- ----------
Total ....... 2 697 10 401
2) Group Consolidated accoounts:
First quarter ....... 5 045 5 156
Second quarter ...... 218 4 604
Third quarter ....... 138 4 958
Fourth quarter ...... 201 4 816
---------- ----------
Total ....... 5 602 19 534
Consolidated revenues for the fiscal year 2002 were lower as
compared to 2001 (19.6 million euros). Revenues mainly include
sales of oligonucleotides, for an aggregate of 5 million euros,
recorded until the sale of the oligonucleotides division.
For 2002, Genset anticipates a consolidated net loss of
approximately 43 million euros (unaudited statements, French
GAAP), i.e. a loss of approximately 5.3 euros per share, including
approximately 19 million euros of non-recurring expenses (mainly
related to the closure of its US subsidiary and to the transfer of
its Paris registered office) and extraordinary profit of
approximately 27 million euros following the sale of its
oligonucleotides division and its Ceres shares.
[GENSET LOGO -- OMITTED]
Excluding extraordinary and non-recurring items, the consolidated
net loss for the fiscal year 2002 is expected to be approximately
51 million euros, i.e. a loss of approximately 6.3 euros per
share, as compared to a consolidated net loss excluding
non-recurring items of 39.6 million euros (i.e. a loss of 4.9
euros per share) for 2001. As a result, Genset's consolidated
shareholders' equity as at December 31, 2002 is expected to be
negative by approximately 39 million euros.
As at December 31, 2002, Genset had cash and cash equivalent of
11.5 million euros.
Genset's Board of Directors is expected to approve the financial
statements for the fiscal year 2002 during the month of April
2003.
About GENSET: Genset is a genomics-based company. The gene and
protein discovery platform developed by Genset is necessary to
understanding the human genome.
All figures are adjusted to the current exchange rate.
* In addition to historical information, this press release
contains certain forward-looking statements that involve risks
and uncertainties relating to our future financial and scientific
performance. Such statements are based on our current
expectations and are subject to a number of factors and
uncertainties that could cause actual results to differ
materially from those described in the forward-looking
statements. In evaluating such statements, readers should
specifically consider factors which could affect expected
results, including, but not limited to, the uncertainties
inherent in financial planning, the development of drug
candidates and biological research generally. Other factors that
could cause results to differ from expectations are specified in
the reports filed by Genset with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date
hereof. Genset does not intend (and is not obligated) to update
any such statements to reflect any changes in events, conditions
or circumstances on which the statements are based.
Genset's news releases are available on the Company's Web site at
http://www.genset.fr
--------------------
------------------------------------------------------------------
GENSET is listed on the Nouveau Marche of the Paris Bourse
Euroclear: 5433 - Bloomberg: GNST FP - Reuters: GEN.F
------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: February 14, 2003
GENSET S.A.
By: /s/ Marc Vasseur
-------------------
Name: Marc Vasseur
Title:Chief Executive Officer