Evry (France), October 17, 2019– Publication of the half-year financial statements as of June 30, 2019 audited and approved by the Board of Directors held today.
The full report for the first half of 2019 is available on the Global Bioenergies website under "Investors / Regulated information".
- Group income statement at June 30, 2019
The net result for the first half of 2019 shows an improvement of more than 1.2 million euros compared to the first half of 2018. The industrialization effort initiated in 2014 led to an increase in the Group's expenses. reflected in the net results recorded in the first half of each year: -3.9M € in 2014, -6.1M € in 2015, -6.7M € in 2016, -7.8M € in 2017 then -8.8M € in 2018. The € 7.6 million loss recorded in H1 2019 shows a reversal of the trend.
The operating income comes mainly from the five European grants awarded to Global Bioenergies between 2017 and 2018 for a total amount of more than 12 million euros. The first half of 2019 has a "full semester" effect compared to previous years in which projects were launched.
Operating expenses begin to decrease and remain impacted by the amortization of the Leuna demonstrator (€ 1.5m for this semester). As a reminder, this demonstrator is amortized over a period of 4 years ending in the first half of 2021.
- Balance sheet of the Group as of June 30, 2019
The balance sheet of the consolidated accounts shows the following main developments:
– decrease in fixed assets resulting from the depreciation of the Leuna demonstrator;
– increase in gross cash position of € 20.8 million as of June 30, 2019;
– decrease in the "debts and deferred income" items, which are still strongly impacted by European grants received in 2017 and 2018. These receipts received at the start of projects exceeding the amount of the related expenses are recorded under "recognized revenue". advance "for a total of € 5.7 million as of June 30, 2019.
- Presentation of the cash flows of the Global Bioenergies Group as of June 30, 2019
The cash flow statement mainly reflects the capital increase of € 16.9m last June, including € 590k in transaction costs charged to share premium.
- Highlights of the first half of 2019 and recent events
Beginning of the shift towards cosmetics
The first half of 2019 was characterized by the beginning of the shift towards cosmetics. Although potential business opportunities in this industry had been identified for a long time – as evidenced by the partnership with L'Oreal initiated in 2016 – recent developments have come on the one hand to amplify the depth of this market, which until now was considered relatively small, and secondly to support the idea that the cosmetics industry would be able to offer significantly higher prices for isobutene derivatives than those identified in the field of fuels. These developments relate to consumer demands for access to products of natural origin and more respectful of the environment. This quest for naturalness, which is generally noticeable in a large number of markets, is particularly visible in the field of cosmetics, and even has an urgent character, the field being subject to new regulations limiting the use of certain cosmetic products. fossil origin. The fact that L'Oreal, the world's largest cosmetics group, is now the largest shareholder in the Company, is an undeniable reflection of this.
Fundraising
A capital increase by way of public offer and cancellation of preferential subscription rights was launched in June and raised funds for a total amount of nearly € 17 million. This transaction resulted in the issue of 3,639,475 new shares. It was notably marked by the investment of BOLD Business Opportunities for L'Oreal Development in the amount of € 7 million and by the CM-CIC, a director of the Company, of € 1.4 million. already held 8.3% of the capital.
Crossing a milestone in the ISOPROD project
Global Bioenergies and IBN-One reached a milestone in July as part of the ISOPROD project funded by ADEME. For the record, this project focuses on the emergence of the first operating plant for the Global Bioenergies process. The achievement of this milestone shows the progress made on this project and will soon result in the payment, in the form of repayable advances, of € 3.1 million for the benefit of the Group.
Samuel Dubruque, Global Bioenergies' Chief Financial Officer, says: "We will continue to improve the Group's bottom line in the next few semesters. "
Marc Delcourt, co-founder and CEO of Global Bioenergies, concludes: "Since the capital increase last June, the Global Bioenergies share has been badly managed: today, our market valuation is close to our available cash. However, the development of our process has earned us unanimous recognition in the field of synthetic biology, and the IBN-One plant project is one of the most innovative in this emerging industrial field, globally. . "
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies in the world and the only one in Europe to develop a process for converting renewable resources into hydrocarbons by fermentation. The company initially focused on the biological manufacture of isobutene, one of the most important building blocks of petrochemicals that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the performance of its process, conducts tests on its industrial demonstrator in Germany and prepares the first full-size plant through a Joint Venture with Cristal Union named IBN-One. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 – ALGBE).
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Contact
GLOBAL BIOENERGIES
Samuel Dubruque
Administrative and financial director
Telephone: 01 64 98 20 50
Email: [email protected]
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