Global Bioenergies: Annual Figures and Changes to the Board of
Directors
GLOBAL BIOENERGIES: ANNUAL FIGURES
AND CHANGES TO THE BOARD OF DIRECTORS
Net loss for the Group of €12.7m in 2019, an improvement of
€0.9m compared to 2018
Cash
position of €16.6 million at 31 December 2019
Ms.
Corinne Granger joins the Board of Directors
Evry, 11 March, 2020 -
The Board of Directors of Global Bioenergies (Euronext
Growth: ALGBE) held today approved the annual financial statements
for 2019, which have been audited by the Statutory Auditor1. The
consolidated annual financial statements show a net loss of €12.7
million for the financial year 2019, compared to losses of €14.3
million and €13.6 million in 2017 and 2018, respectively. Ms
Corinne Granger succeeds Crédit Mutuel Innovation (formerly CM-CIC
Innovation) on the Board of Directors. Her co-option will be
submitted for ratification at the next General
Meeting.
Samuel Dubruque, Chief Financial Officer of
Global Bioenergies, comments: "From a budgetary point of view, we
have worked in 2019 to reduce expenses, which is reflected in the
results published today by the improvement of the net income. The
objective for 2020 is to achieve even higher operating income while
reducing our expenses to the minimum necessary to reach our goal:
the emergence of the first commercial unit of our process. In 2020,
we will continue to improve this net income, with the main
objective of shifting the company from R&D to industry and
commerce."
Marc Delcourt, Chief Executive Officer of Global
Bioenergies, adds: "Our heartfelt thanks to Crédit Mutuel
Innovation, and Karine Lignel in particular, for their loyal
presence over the last seven years and their active contribution to
the development of the Company. We welcome today Ms. Corinne
Granger as an independent director. Her experience in the field of
cosmetics will facilitate our access to this area, the first in
which our products will be marketed."
Corinne Granger says: "The Global Bioenergies
process is unique, and will increase the naturalness of many
cosmetic products. I will put my skills at the service of the
Company to enable it to refine its strategy and facilitate its
performance."
·Group Profit & Loss account as at
31 December 2019
|
|
|
|
€ thousands |
from
01/01/19 |
from
01/01/18 |
from 01/01/17 |
Consolidated financial statements |
to
31/12/19 |
to
31/12/18 |
to 31/12/17 |
|
|
|
|
|
|
|
|
Operating income |
3,494 |
2,412 |
2,369 |
Operating expenses |
17,517 |
18,088 |
18,002 |
Average staff number (Group) |
59.4 |
69.3 |
66.4 |
|
|
|
|
Operating loss |
-14,024 |
-15,676 |
-15,634 |
|
|
|
|
EBITDA |
-10,527 |
-12,059 |
-12,664 |
|
|
|
|
Financial loss |
-291 |
-570 |
-708 |
Extraordinary profit |
166 |
64 |
89 |
|
|
|
|
Income tax |
-1,407 |
-2,546 |
-1,999 |
|
|
|
|
Net loss |
-12,741 |
-13,637 |
-14,253 |
The net loss was €12.7 million, i.e. €0.9
million better than in 2018. The change is particularly visible in
operating income, which reflects a year-on-year improvement of
€1.65 million. The Research Tax Credit fell sharply due to the
collection of French and European public fundings received during
the year.
Operating income is mainly made up of the five
European grants obtained in 2017 and 2018 associated with projects
to diversify the resources available for the Isobutene process.
Operating expenses were again heavily impacted
this year by depreciation and amortization expenses, particularly
those for the Leuna demo plant (€2.9 million), which began on April
1, 2017 for a period of four years and will therefore cease at the
end of the first quarter of 2021.
|
|
|
|
€ thousands - Group |
2019 |
2018 |
2017 |
Detail of operating expenses |
|
|
|
|
|
|
|
|
Staff |
4,973 |
5,120 |
5,010 |
Industrialization |
3,879 |
3,713 |
4,227 |
Laboratory |
1,234 |
1,386 |
1,819 |
Rents & maintenance |
1,259 |
1,106 |
1,067 |
Intellectual property |
736 |
900 |
802 |
Amortization |
3,488 |
3,617 |
2,970 |
Others |
1,948 |
2,246 |
2,107 |
|
|
|
|
Total |
17,517 |
18,088 |
18,002 |
·Group Balance Sheet as at 31 December
2019
Assets (€ thousands) |
31/12/19 |
31/12/18 |
31/12/17 |
|
Liabilities (€ thousands) |
31/12/19 |
31/12/18 |
31/12/17 |
|
|
|
|
|
|
|
|
|
Intangible assets |
1,226 |
1,228 |
1,267 |
|
Capital |
436 |
254 |
224 |
Tangible assets |
4,452 |
7,778 |
11,059 |
|
Share premium |
90,351 |
74,207 |
67,867 |
Assets under construction |
76 |
- |
16 |
|
Retained earnings |
-68,550 |
-54,926 |
-40,673 |
Financial assets |
1,065 |
1,061 |
365 |
|
Profit (loss) |
-12,741 |
-13,637 |
-14,253 |
|
|
|
|
|
Equipment subsidies |
213 |
383 |
553 |
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
6,820 |
10,067 |
12,707 |
|
EQUITY |
9,708 |
6,280 |
13,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS |
192 |
66 |
57 |
|
|
|
|
|
|
|
|
|
Inventories + Receivables |
3,913 |
4,262 |
4,093 |
|
Conditional advances & loans |
9,646 |
9,356 |
10,213 |
Cash + marketable securities |
16,873 |
10,756 |
13,639 |
|
Trade payables & related accounts |
2,640 |
3,356 |
4,622 |
Prepaid expenses |
342 |
352 |
412 |
|
Other debts & deferred income |
5,762 |
6,379 |
2,240 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
21,128 |
15,370 |
18,143 |
|
PAYABLES & DEF. INCOME |
18,048 |
19,090 |
17,075 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
27,948 |
25,436 |
30,850 |
|
TOTAL LIABILITIES |
27,948 |
25,436 |
30,850 |
Tangible fixed assets decreased by €3.3 million
due to material investments limited to less than 0.2 M€ in 2019,
while depreciation represents €3.5 million, including €2.9 million
for the Leuna demo plant alone.
Cash at January 1, 2020 stood at €16.6 million,
compared with €10.3 million a year earlier.
The receipt, in October, of a €2.6 million
repayable advance for Global Bioenergies SA and €0.5 million for
IBN-One as part of the Isoprod project financed by ADEME maintains
the conditional advances and loans at a level comparable to that of
2018, despite the periodic repayments made during 2019.
Current debts are in a particularly
healthy position at December 31, 2019, with a year-on-year
reduction of more than €0.7 million, partly due to a reorganization
of the invoicing processes of the Fraunhofer Institute to which the
operation of the industrial demo plant in Leuna has been
entrusted.
Deferred income (PCA), which had changed
significantly between 2017 and 2018 due to the collection of
pre-payments relating to the various European projects (as a
reminder, approximately half of the grants received at the launch
of the projects), fell by €0.6 million due to the expenses incurred
on these projects, which more than offset the receipt last April of
an additional €2.2 million for the Optisochem project.
·Group Cash Flows as at 31 December
2019
CASH-FLOW (€ thousands) |
2019 |
2018 |
2017 |
|
|
|
|
Operating cash-flow |
-10,270 |
-7,418 |
-9,066 |
Net profit (loss) |
-12,741 |
-13,637 |
-14,253 |
Amortization, depreciation and change in WCR |
2,471 |
6,219 |
5,187 |
|
|
|
|
Investing cash-flow |
-241 |
-974 |
-2,022 |
|
|
|
|
Financing cash-flow |
17,179 |
5,259 |
16,143 |
Capital increase net of related expenses booked on issue
premium |
16,326 |
6,070 |
17,153 |
Equipement subsidies |
- |
- |
289 |
Advances or loans received |
2,905 |
1,384 |
300 |
Advances or loans repaid |
1,839 |
2,279 |
1,612 |
Contribution shareholder current accounts |
-225 |
84 |
12 |
Perimeter variation (liquidation of Syngip GmbH, subsidiary
of Syngip BV) |
12 |
- |
- |
|
|
|
|
The cash flow statement mainly reflects the
capital increase of €16.9 million last June, of which €604k
corresponding to related expenses booked on the issue premium.
It also illustrates a significant decrease in
investments: €2 million in 2017, €1 million in 2018 and only €0.25
million in 2019.
·Highlights of 2019 and recent
events
Beginning of a shift towards cosmetics
2019 was characterised by the beginning of a
shift towards cosmetics. Potential market opportunities in this
industry had long been identified - as shown by the partnership
entered into with L’Oréal in 2016. Recent changes have increased
the depth of this market and bolstered the idea that the cosmetics
industry could offer significantly higher prices for isobutene
derivatives than those identified in the fuel sector. These changes
are related to consumer demand for natural and more
environmentally-friendly products. This quest for naturalness is
particularly visible in the area of cosmetics where there is even a
sense of urgency since the sector is subject to new regulations
limiting the use of certain fossil-based products. The fact that
L’Oréal, world leader in cosmetics, is now the Company’s biggest
shareholder is an undeniable illustration of these changes.
Fundraising
A capital increase operation through a public
offering and removal of the preferential subscription rights was
launched in June raising a total of almost €17 million. This
operation resulted in 3,639,475 new shares being issued, with an
investment of €7 million by the BOLD Business Opportunities for
L’Oréal Development fund and that of €1.4 million by the CM-CIC
investment structures, which already had an 8.3% share of Global
Bioenergies equity.
A new milestone achieved in the ISOPROD
project
The Company and IBN-One achieved a milestone in
July as part of the ISOPROD project funded by ADEME. As a reminder,
this project focuses on the emergence of the first operating plant
for the Global Bioenergies process. Achieving this milestone has
resulted in the payment in October of €3.1 million to the Group in
the form of repayable advances.
Contemplated cross-border merger between Syngip
BV and Global Bioenergies SA
For synergy reasons, the activities of Syngip
BV, the Company's Dutch subsidiary, have been transferred to the
Evry laboratory site during the first half of 2019. Continuing this
transfer and in order to reflect it in legal and accounting terms,
a cross-border merger between Syngip BV and the Company was agreed
in principle by the Board of Directors at the end of 2019. The
legal formalities are currently ongoing. This transaction has no
impact on the Group's consolidated financial statements.
About GLOBAL BIOENERGIES
Global Bioenergies is the only company in the
world to have developed a conversion process for renewable
resources (residual sugars, agricultural and forestry waste) into
isobutene, one of the petrochemical building blocks that can be
converted into ingredients for cosmetics, petrol, kerosene, LPG and
plastics. Global Bioenergies continues to improve the performance
of its process, conducts trials on its demo plant in Germany and is
preparing the first full-sized plant in a Joint‐Venture with
Cristal Union. Global Bioenergies is listed on Euronext Growth
in Paris (FR0011052257 – ALGBE).
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Contact
GLOBAL BIOENERGIESSamuel
DubruqueCFOPhone : 01 64 98 20 50invest@global-bioenergies.com
1 The annual financial report will be issued later
in April and the certification of the financial statements will
take place at that time.
- Global Bioenergies: Annual Figures and Changes to the Board of
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