2015 Interim Financial Statements
Libourne – 16 September 2015 – Fermentalg, an industrial biotechnology company that specializes in the production of oils and proteins derived from microalgae, has published its interim financial statements as at 30 June 2015. The statements have been reviewed by the company's Statutory Auditors and were approved by its Board of Directors on 3 September 2015. Fermentalg's interim financial report will be available to the public by 30 September 2015 at the latest.
Patents | Headcount | Cash |
26 families and 92 titles | 64 employees | €32.5 million |
The first six months of 2015 saw Fermentalg pursue the development of a unique active ingredient for its rapid deployment on target markets. Key indicators for the period include:
- Industrial property: With a portfolio of 26 families of patents and 92 patent titles to its name, Fermentalg has reinforced its technological barriers-to-entry following the issue of 2 major patents for the industrial exploitation of high-yield microalgae strains (Botryococcus for green chemistry and Odontella for human nutrition). The company was also awarded a new active ingredient patent to protect its technology which consists in breeding microalgae in a predominantly-heterotrophic mixotrophic environment in July.
- Human resources: Fermentalg's multi-discipline team of 64 employees (+10%) covers all of the company's expertise requirements, from research and engineering through to commercial development.
- Financial structure: Despite the acceleration in operational investments in line with its development plan, Fermentalg retains a robust and healthy financial footing. At 30 June 2015, the company's gross cash position stood at €32.5 million for a financial debt of just €2.1 million. In August, it was awarded €2.4 million in funding from Bpifrance as part of the Trans'Alg collaborative programme (see below).
- Industrial development: Fermentalg has achieved a new milestone in its strategy to conquer new markets with the laying of the 1st stone for its Industrial Development Unit (Professor Daniel Thomas Unit), the world's first facility to exploit the company's cutting-edge technology for the production of microalgae. Moreover, despite the fact that the launch of the unit is only scheduled for 2016, production of DHA-enriched oil (Omega 3) using Fermentalg's proprietary technology has already passed the one-ton mark.
- Commercial deployment: Alongside the implementation of its industrial tool, Fermentalg's capacity to tap into the human nutrition market has been reinforced by the European Novel Food authorization for its DHA-enriched oil. It has also ramped up its business development strategy for Japan and North America which will see the rapid deployment of its European model on these two major markets.
- Partnerships: As well as targeting market openings in human nutrition, Fermentalg's large-scale collaborative programme, Trans'Alg, will enable the company to penetrate the green chemistry market. Bringing together several major industrial groups including Arkema and Soprema, the Trans'Alg programme has a budget of €31.2 million over 5 years.
Pierre Calleja, Founder and Chairman and CEO of Fermentalg, said: "I would like to pay tribute to the outstanding work by the teams at Fermentalg who are the catalysts for the company's unrivalled growth rate in our industry. Fermentalg's place in microalgae and biotechnologies in general grows stronger by the day, and I am confident that we have a unique active ingredient that will serve as a flagship for excellence in French innovation around the world."
2015 first-half results
Fermentalg's operating income (research tax credits and subsidies) of €0.7 million for the first half of 2015 partly offset the company's R&D expenses (stable at €1.7 million) and sales and administrative costs (up 82% to €1.8 million following the construction of the IDU and creation of a team dedicated to human nutrition and animal feed).
Current operating income stood at -€2.8 million on 30 June 2015 (as against -€1.5 million one year earlier), Excluding net financial income and expenses (€0.3 million), net income for the first half of 2015 amounted to -€2.6 million compared with a figure of -€1.8 million for the same period in 2014.
About Fermentalg
Founded in 2009 by Pierre Calleja, Fermentalg is an industrial biotechnology company that specializes in producing sustainable oils and proteins derived from the exceptional properties of microalgae. Its patented technology allows it to target a range of fast-growing global markets, from nutrition and animal feed to cosmetics and health, green chemistry and energy. Fermentalg has already signed its 1st industrial and commercial joint-venture for the production of Omega-3 oils rich in EPA and DHA as well as several other partnerships with leading industrial groups. Fermentalg shares are listed on Euronext in Paris (FR0011271600 - FALG). For more information, visit the Fermentalg website at: www.fermentalg.com.
Press Relations: |
Investor Relations: |
ACTUS finance & communication Alexandra Prisa Tel: +33 (0)1 53 67 36 90 [email protected] |
ACTUS finance & communication Jérôme Fabreguettes-Leib Tel: +33 (0)1 53 67 36 78 [email protected] |
Comprehensive income statement
(€ thousands) | 30/06/2015 | 31/12/2014 | 30/06/2014 | ||||
Revenue | 0 | 900 | 450 | ||||
Other income from operations | 705 | 1,405 | 657 | ||||
Production costs | 0 | 0 | 0 | ||||
Research and Development expenses | -1,698 | -3,315 | -1,636 | ||||
Administrative and sales expenses | -1,758 | -2,343 | -964 | ||||
Other operating income and expenses | 0 | 0 | 0 | ||||
Operating income before share-based payments | -2,751 | -3,353 | -1,492 | ||||
Payroll expenses linked to share-based payments | -38 | -625 | -500 | ||||
Other non-current operating income and expenses | -50 | -392 | -66 | ||||
Operating income after share-based payments | -2,839 | -4,370 | -2,058 | ||||
Income from cash and cash equivalents | 312 | 331 | 69 | ||||
Cost of gross financial debt | -27 | -49 | -22 | ||||
Cost of net financial debt | 285 | 282 | 48 | ||||
Other financial income and expenses | 5 | 52 | 56 | ||||
Net tax expense | 0 | -14 | 159 | ||||
Consolidated net income | -2,549 | -4,050 | -1,796 | ||||
Minority interests | -2 | 1 | 0 | ||||
Consolidated net income (Group share) | -2,550 | -4,049 | -1,796 | ||||
Other comprehensive income | 0 | 0 | 0 | ||||
Comprehensive consolidated net income | -2,549 | -4,050 | -1,796 | ||||
Minority interests | -2 | 1 | 0 | ||||
Comprehensive consolidated net income (Group share) | -2,550 | -4,049 | -1,796 | ||||
Consolidated net earnings per share (in euros) | -0.21 | -0.41 | -0.18 | ||||
Consolidated diluted net earnings per share (in euros) | -0.21 | -0.40 | -0.17 | ||||
Balance sheet
(€ thousands) | 30/06/2015 | 31/12/2014 | 30/06/2014 | |||
ASSETS | ||||||
Goodwill | 0 | 0 | 24 | |||
Intangible assets | 3,569 | 2,953 | 2,363 | |||
Tangible assets | 9,471 | 5,042 | 4,005 | |||
Non-current financial assets | 342 | 348 | 227 | |||
Deferred tax assets | 3,303 | 3,303 | 3,480 | |||
TOTAL NON-CURRENT ASSETS | 16,685 | 11,646 | 10,099 | |||
Inventories | 0 | 0 | 0 | |||
Client receivables | 1 | 30 | 29 | |||
Corporate income tax receivables | 19 | 0 | 0 | |||
Other receivables | 2,985 | 1,880 | 2,433 | |||
Other non-financial current assets | 0 | 0 | 0 | |||
Cash and cash equivalents | 32,521 | 39,830 | 42,820 | |||
TOTAL CURRENT ASSETS | 35,526 | 41,740 | 45,282 | |||
TOTAL ASSETS | 52,211 | 53,386 | 55,381 | |||
LIABILITIES | ||||||
Capital | 484 | 475 | 475 | |||
Premiums | 56,632 | 55,914 | 55,941 | |||
Reserves and retained earnings | -7,552 | -3,524 | -3,598 | |||
Comprehensive net income | -2,550 | -4,049 | -1,796 | |||
Shareholders' equity (Group share) | 47,013 | 48,816 | 51,022 | |||
Minority interests | -24 | -25 | -24 | |||
TOTAL SHAREHOLDERS' EQUITY | 46,989 | 48,791 | 50,998 | |||
Financial debt | 2,034 | 2,007 | 1,977 | |||
Retirement commitments | 77 | 71 | 11 | |||
Provisions for non-current risks | 350 | 300 | 0 | |||
Other non-current liabilities | 0 | 0 | 0 | |||
Affiliated companies | 0 | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | 0 | |||
TOTAL NON-CURRENT LIABILITIES | 2,461 | 2,378 | 1,988 | |||
Bank overdrafts | 82 | 58 | 0 | |||
Current accounts | 0 | 0 | 0 | |||
Other financial debt | 0 | 0 | 0 | |||
Provisions for current risks | 0 | 0 | 0 | |||
Corporate income tax liabilities | 0 | 30 | 32 | |||
Supplier debt | 1,590 | 704 | 1,014 | |||
Other current liabilities | 1,089 | 1,425 | 1,349 | |||
TOTAL CURRENT LIABILITIES | 2,761 | 2,217 | 2,395 | |||
TOTAL LIABILITIES | 52,211 | 53,386 | 55,381 | |||
Cash flow statement
30/06/2015 | 31/12/2014 | 30/06/2014 | |||||
Global net income | -2,549 | -4,050 | -1,796 | ||||
Depreciation, amortization and provisions (excluding provisions against current assets) | 572 | 1,133 | 356 | ||||
Expenses on share-based payments | 38 | 625 | 500 | ||||
Other computed expenses | 0 | 0 | 0 | ||||
Change in deferred tax | 0 | 11 | -166 | ||||
Share in income of companies accounted for by the equity method | 0 | 24 | 0 | ||||
Gains and losses on disposals | 0 | 0 | 0 | ||||
Share in subsidies | 0 | -28 | -14 | ||||
Cash flow | -1,939 | -2,285 | -1,120 | ||||
Cost of gross financial debt | 27 | 49 | 22 | ||||
Tax | 0 | 0 | 0 | ||||
Cash flow before cost of financial debt, net of tax | -1,912 | -2,236 | -1,098 | ||||
Tax | 0 | 0 | 0 | ||||
Change in consumables | -6 | -73 | 0 | ||||
Change in client receivables | 29 | 182 | -139 | ||||
Change in supplier payables | 829 | 275 | 543 | ||||
Change in other current assets and liabilities (a) | -980 | -557 | -494 | ||||
Change in working capital requirement linked to operations | -128 | -173 | -90 | ||||
Net cash flow linked to operations | -2,040 | -2,409 | -1,188 | ||||
Production of fixed assets (capitalized R&D) | -1,029 | -1,416 | -680 | ||||
Share of subsidies and research tax credit linked to development projects underway |
376 | 438 | 212 | ||||
Acquisitions of other tangible and intangible assets | -4,908 | -2,742 | -1,205 | ||||
Change in fixed asset liabilities | -448 | 320 | -4 | ||||
Acquisitions of financial fixed assets | 0 | -346 | -247 | ||||
Disposals of other tangible and intangible assets | 0 | 0 | 0 | ||||
Disposals of financial assets | 6 | 0 | 0 | ||||
Cash flow linked to the acquisitions and disposal of subsidiaries | 0 | 51 | 51 | ||||
Net cash flow linked to investments | -6,003 | -3,695 | -1,873 | ||||
Capital increase | 727 | 37,774 | 37,801 | ||||
Acquisitions and disposals of own shares | -17 | -325 | -253 | ||||
New borrowings and other financial debt | 0 | 1,287 | 1,288 | ||||
Repayments of borrowings and other financial debt | 0 | 0 | -2 | ||||
Change in current accounts | 1 | -68 | -161 | ||||
Interest on borrowings and financial debt | -1 | 0 | 0 | ||||
Net cash flow linked to financing | 710 | 38,668 | 38,673 | ||||
Change in cash | -7,333 | 32,564 | 35,612 | ||||
Opening cash (1) | 39,772 | 7,208 | 7,208 | ||||
Closing cash (1) | 32,439 | 39,772 | 42,820 | ||||
(a) o/w change in research tax credit: | -737 | 164 | -394 |
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