Global Bioenergies: strong progress in first half 2023
19 Septembre 2023 - 5:45PM
PRESS RELEASE
Global Bioenergies: strong progress in
first half 2023
First half revenue of €3.1
million
Reduction of net loss
ASTM certification obtained for
Sustainable
Aviation
Fuel
technology
Upsizing of plant project
Evry, 19
September 2023 –
05:45 p.m.:
Global Bioenergies’ Board of Directors
held on 15 September approved the H1 2023
financial statements, which have been audited by the Statutory
Auditor and show revenue of €3.1
million.
Samuel Dubruque, Chief Financial Officer of
Global Bioenergies, said: “This record revenue since the creation
of the Company, has enabled us to significantly reduce our net
loss: (€4.1) million in H1 2023 compared to (€5.8) million in H1
2022 and (€7.6) million in H1 2021. Isonaturane™ 12 sales
illustrate both the market appetite for our products and our
ability to produce in compliance with the most stringent regulatory
standards.”
Marc Delcourt, co-founder and CEO of Global
Bioenergies, added: “The first half of 2023 was also marked by the
achievement of the ASTM certification for our sustainable aviation
fuel technology. This certification, an essential gateway reserved
for a limited range of technologies, gives us access to the market
for Sustainable Aviation Fuel, which is the main decarbonisation
option for air transport. Thanks to the larger scale of operation
of our process and the reduction in production costs, we plan to
start operating in the European SAF market by 2030, when the
mandatory minimum share of sustainable aviation fuels are raised
from 2% to 6% in the European Union.”
Group Profit & Loss
Account
€ thousands |
from 01/01/23to 30/06/236
months |
from 01/01/22to 30/06/226
months |
from 01/01/21to 30/06/216
months |
|
|
|
|
Operating
income |
7,326 |
1,059 |
1,903 |
|
|
|
|
Operating
expenses |
11,264 |
6,632 |
9,455 |
Operating
profit (loss) |
-3,938 |
-5,573 |
-7,552 |
EBITDA |
-3,026 |
-5,014 |
-6,515 |
Financial profit (loss) |
23 |
-61 |
-79 |
Exceptional
profit (loss) |
-169 |
-124 |
10 |
Income tax |
- |
- |
- |
|
|
|
|
Net profit (loss) |
-4,084 |
-5,759 |
-7,621 |
€ thousands |
from 01/01/23to 30/06/23 |
from 01/01/22to 30/06/22 |
from 01/01/21to 30/06/21 |
|
|
|
|
Operating
income |
7,326 |
1,059 |
1,903 |
Revenue |
3,102 |
144 |
33 |
Operating subsidies |
1,184 |
894 |
1,331 |
Change in inventory of finished products |
1,917 |
-34 |
527 |
Other income |
1,123 |
55 |
12 |
|
|
|
|
Operating income mainly consists of revenue from
the first sale of several tonnes of IsonaturaneTM 12.
€ thousands |
from 01/01/23to 30/06/23 |
from 01/01/22to 30/06/22 |
from 01/01/21to 30/06/21 |
|
|
|
|
Operating
expenses |
11,264 |
6,632 |
9,455 |
Staff costs |
2,194 |
2,309 |
2,079 |
Average number of employees (No.) |
47.6 |
47.3 |
41.2 |
Industrialisation expenses |
2,687 |
2,597 |
4,886 |
Change in IBN & derivatives inventories |
2,461 |
-584 |
- 520 |
Laboratory costs |
192 |
185 |
322 |
Rent, servicing & maintenance |
518 |
423 |
413 |
Intellectual property |
186 |
137 |
326 |
Depreciation, amortisation and provisions |
2,028 |
559 |
1,038 |
Other structural costs |
997 |
1,006 |
911 |
Total isobutene and derivatives inventory
entries, which impact both operating income and operating expenses,
result in a total expense of €0.7 million in H1 2023.
Excluding these inventory entries, operating
expenses increased €0.6 million versus H1 2022, mainly due to the
increase in depreciation charges resulting from the commissioning
of the Pomacle production unit on 1 November 2022. Other expense
items remained stable.
Group Balance Sheet
Assets (€ thousands) |
30/06/23 |
31/12/22 |
31/12/21 |
|
Passif (k€) |
30/06/23 |
31/12/22 |
31/12/21 |
|
|
|
|
|
|
|
|
|
Intangible
assets |
411 |
539 |
800 |
|
Capital |
905 |
749 |
743 |
Tangible
assests |
3,060 |
3,612 |
637 |
|
Share
premium |
10,452 |
16,029 |
29,289 |
Assets under
construction |
129 |
401 |
1,897 |
|
Balance carried
forward |
-2,769 |
-2,708 |
-4,697 |
Financial
assets |
829 |
1,546 |
1,544 |
|
Profit
(loss) |
-4,084 |
-11,986 |
-11,773 |
|
|
|
|
|
Equipment
subsidy |
379 |
463 |
- |
|
|
|
|
|
|
|
|
|
NON CURRENT ASSETS |
4,428 |
6,097 |
4,879 |
|
EQUITY |
4,883 |
2,547 |
13,562 |
|
|
|
|
|
|
|
|
|
IBN and
derivatives inventories |
1,604 |
2,342 |
1,793 |
|
PROVISIONS |
58 |
110 |
61 |
Consumables
inventories |
298 |
250 |
250 |
|
|
|
|
|
Receivables |
4,847 |
3,647 |
3,524 |
|
Conditional
advances and loans |
10,985 |
11,486 |
12,454 |
Cash |
9,855 |
8,768 |
20,931 |
|
Trade
payables |
4,229 |
5,580 |
3,520 |
Marketable
securities |
176 |
173 |
147 |
|
Tax and social
security liabilities |
725 |
502 |
1,185 |
Prepaid
expenses |
387 |
300 |
261 |
|
Other debts and
deferred income |
713 |
1,352 |
1,003 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
17,167 |
15,480 |
26,907 |
|
PAYABLES |
16,653 |
18,921 |
18,163 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
21,595 |
21,577 |
31,785 |
|
TOTAL LIABILITIES |
21,595 |
21,577 |
31,785 |
The reduction in fixed assets is due to (i) the
depreciation of the Pomacle-Bazancourt production unit commissioned
at the end of 2022, (ii) the repayment of the guarantee at the end
of one of the subsidy projects and (iii) the impairment of
capitalised expenses specifically related to the 2,000 ton plant
project.
Inventories decreased and receivables increased
following delivery and invoicing of the first tonnes of
IsonaturaneTM 12 at the end of the first half.
The cash balance increased by €1.1 million in
the first half. Capital increases generated a net inflow of €6.5
million, supplemented by the receipt of subsidies and trade
receivables (€2.7 million). Cash flows from operating activities
accounted for most of the cash outflows over the period (€7.7
million) and were heavily impacted by IsonaturaneTM 12 production
costs.
Highlights of the first half of 2023,
recent events and
outlook
- Successful
delivery of the first tons of
IsonaturaneTM
12
To meet orders placed by major cosmetics
companies including L’Oréal, Global Bioenergies has set up a
dedicated value chain, partly subcontracted, and delivered several
tonnes of IsonaturaneTM 12 in H1 2023. Although the associated
revenue is substantial, the corresponding production costs remain
considerably high and this business activity, which will not
generate a significant margin for the Company, is now no longer a
priority. The Company is currently focusing all its efforts on
building a larger plant.
- ASTM
certification for sustainable aviation fuel from Global Bioenergies
technology
The aviation industry requires all of its fuels
to be certified by ASTM. Sustainable aviation fuels (SAF) are
certified worldwide in accordance with the ASTM D7566 standard,
which sets out the fuel specification requirements and maximum
blending percentage with conventional fuels. The standard allows
SAFs to be considered as “drop-in” fuels, meaning that they can be
blended up to 50% with fossil kerosene and can be safely used in
airliners and existing infrastructure worldwide.
Global Bioenergies obtained certification for
its process in June 2023 marking the starting point for the
roll-out of its sustainable aviation fuel technology. In order to
become a major player in this field, production costs still need to
be reduced significantly in order to be compatible with market
prices. The Company aims for a share of the European SAF market in
2030, when the mandatory minimum share of sustainable aviation
fuels will be raised to 6% in Europe.
-
Focus on the larger scale
plant project
Global Bioenergies has decided to adjust its
roadmap to focus as of now on building a large-scale plant capable
of producing up to 10,000 tonnes of isobutene and derivatives per
year. This increase in production volume coupled with a reduction
in selling prices will enable the Company to meet the needs of the
cosmetics market more broadly and then gradually penetrate the
Sustainable Aviation Fuel market. The plant would start operations
at the end of 2027. Global Bioenergies will release design and
construction schedules by the end of 2023.
About GLOBAL BIOENERGIES
Global Bioenergies substitutes products of
fossil origin with products of natural origin. In their quest for
naturalness without compromising on performance, the cosmetics
players are the Company's first customers. By 2027, the Company
will be operating its innovative process in a large-scale plant. By
2030, the Company plans to become a leader in the huge emerging
market for sustainable aviation fuels, in order to fight against
global warming. Global Bioenergies is listed on Euronext Growth in
Paris (FR0011052257 - ALGBE). L'Oréal is its largest shareholder,
with a 13.5% stake.
Contacts
GLOBAL BIOENERGIES+33 (0)1 64 98 20
50invest@global-bioenergies.com Follow our
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|
NewCap –
Investor relationsLouis-Victor
DelouvrierQuentin Masséglobalbioenergies@newcap.eu+33 (0)1 44 71 94
94 NewCap – Media
relations Nicolas
Merigeauglobalbioenergies@newcap.eu+33 (0)1 44 71 94 98 |
- Global Bioenergies - strong progress in first half 2023
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