FERMENTALG : Half-year results and publication of the 2017 half-year financial report (AcT)
Libourne – 11 September 2017 – Fermentalg, France's market leader in microalgae production for the nutrition and health industries, has announced that its 2017 half-year financial report is now available to the public and has been filed with the French market authority, the Autorité des marchés financiers (AMF).
As indicated in the Group's half-year results press release published on 20 July 2017, Fermentalg's gross cash position amounted to €10.2 million at 30 June 2017, versus €15.7 million at end-2016 and €12.7 million at end-March 2017.
The slowdown in cash expenditure is in line with forecasts, and comes on the back of controlled spending, notably through cuts in administrative costs (primarily fees), as the Group prepares for its future industrial deployment. Operating income for the period came in at a negative €3.1 million, compared with a negative €2.8 million for the first half of 2016 and a negative €4.9 million for the second half of 2016.
The second half of 2017 will see Fermentalg focus on signing new distribution contracts and the first sales for DHA350, which is the first product to be marketed by the Group.
Furthermore, the major contract announced today with the world leader in food colorings, DIC Corp., should lead to an acceleration in Fermentalg's expansion on the natural pigments market. Backed by Fermentalg's historical shareholders, the new alliance should also enable the Group to strengthen its financial resources in order to underpin its development in the years ahead (see press release published today).
Fermetalg's financial report can be downloaded from the Group website.
About Fermentalg
Fermentalg is the French leader in microalgae. Based in Libourne (Gironde), the company produces oils, pigments and proteins through the bio-industrial exploitation of microalgae. Its primary markets are the human nutrition and animal feed sectors as well as the health industry. 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 aprisa@actus.fr |
ACTUS finance & communication Jérôme Fabreguettes-Leib Tel: +33 (0)1 53 67 36 78 jfl@actus.fr |
Comprehensive income statement
| (€ thousands) | First-half 2017 |
Full-year 2016 | First-half 2016 |
||||
| Revenue | 0 | 137 | 172 | ||||
| Other income from operations | 336 | 568 | 466 | ||||
| Production costs | (485) | (133) | 0 | ||||
| Research and development expenses | (1,588) | (2,566) | (1,196) | ||||
| Administrative and sales expenses | (1,619) | (4,250) | (1,949) | ||||
| Other operating income and expenses | 0 | 0 | 0 | ||||
| Operating income before share-based payments | (3,356) | (6,244) | (2,507) | ||||
| Payroll expenses linked to share-based payments | (18) | 138 | (8) | ||||
| Other non-recurring operating income and expenses | 241 | (1,594) | (284) | ||||
| Operating income after share-based payments | (3,133) | (7,700) | (2,799) | ||||
| Income from cash and cash equivalents | 134 | 328 | 209 | ||||
| Cost of gross debt | (38) | (70) | (32) | ||||
| Cost of net debt | 96 | 258 | 177 | ||||
| Other financial income and expenses | (12) | (61) | (2) | ||||
| Net tax expense | 0 | (67) | 0 | ||||
| Consolidated net income | (3,050) | (7,570) | (2,624) | ||||
| Non-controlling interests | 2 | 11 | 0 | ||||
| Consolidated net income (Group share) | (3,048) | (7,559) | (2,624) | ||||
| Other comprehensive income | 0 | 0 | 0 | ||||
| Comprehensive consolidated net income | (3,050) | (7,570) | (2,624) | ||||
| Non-controlling interests | 2 | 11 | 0 | ||||
| COMPREHENSIVE CONSOLIDATED NET INCOME (GROUP SHARE) | (3,048) | (7,559) | (2,624) | ||||
| Consolidated net earnings (loss) per share (in euros) | -0.25 | -0.63 | -0.22 | ||||
| Consolidated diluted net earnings (loss) per share (in euros) |
-0.25 | -0.62 | -0.22 | ||||
Balance sheet
| (€ thousands) | 30 June 2017 | 30 Dec. 2016 | 30 June 2016 | |
| ASSETS | ||||
| Goodwill | 0 | 0 | 0 | |
| Intangible assets | 7,408 | 6,020 | 4,925 | |
| Property, plant and equipment | 17,245 | 17,613 | 14,884 | |
| Non-current financial assets | 133 | 140 | 132 | |
| Deferred tax assets | 3,236 | 3,236 | 3,302 | |
| TOTAL NON-CURRENT ASSETS | 28,022 | 27,009 | 23,244 | |
| Inventories | 683 | 558 | 0 | |
| Client receivables | 17 | 7 | 55 | |
| Corporate income tax receivables | 0 | 0 | 0 | |
| Other receivables | 2,718 | 2,814 | 3,624 | |
| Other non-financial current assets | 0 | 0 | 0 | |
| Cash and cash equivalents | 10,248 | 15,707 | 22,273 | |
| TOTAL CURRENT ASSETS | 13,666 | 19,086 | 25,952 | |
| TOTAL ASSETS | 41,688 | 46,095 | 49,196 | |
| LIABILITIES | ||||
| Capital | 484 | 484 | 484 | |
| Premiums | 40,549 | 50,289 | 50,289 | |
| Reserves and retained earnings | (4,389) | (6,582) | (6,449) | |
| Comprehensive net income | (3,047) | (7,559) | (2,623) | |
| Shareholders' equity (Group share) | 33,597 | 36,632 | 41,701 | |
| Non-controlling interests | (45) | (43) | 17 | |
| TOTAL SHAREHOLDERS' EQUITY | 33,552 | 36,589 | 41,718 | |
| Borrowings | 3,386 | 3,348 | 2,933 | |
| Retirement benefit obligations | 64 | 64 | 65 | |
| Provisions for non-current risks | 0 | 0 | 355 | |
| Other non-current liabilities | 0 | 0 | 0 | |
| Affiliated companies | 0 | 0 | 0 | |
| Deferred tax liabilities | 0 | 0 | 0 | |
| TOTAL NON-CURRENT LIABILITIES | 3,450 | 3,412 | 3,353 | |
| Bank overdrafts | 0 | 0 | 0 | |
| Current accounts | 0 | 0 | 0 | |
| Other debt | 0 | 0 | 0 | |
| Provisions for current risks | 301 | 590 | 0 | |
| Corporate income tax liabilities | 0 | 0 | 0 | |
| Trade payables | 1,704 | 3,175 | 1,602 | |
| Other current liabilities | 2,681 | 2,329 | 2,523 | |
| TOTAL CURRENT LIABILITIES | 4,686 | 6,094 | 4,125 | |
| TOTAL LIABILITIES | 41,688 | 46,095 | 49,196 |
Statement of cash flows
| (€ thousands) | First-half 2017 |
Full-year 2016 |
Full-year 2015 |
||
| Comprehensive net income | (3,050) | (7,570) | (5,295) | ||
| Depreciation, amortization and provisions (excluding provisions against current assets) |
580 | 1,840 | 992 | ||
| Expenses on share-based payments | 18 | (138) | 117 | ||
| Other computed expenses | 0 | 0 | 0 | ||
| Change in deferred tax | 0 | 66 | 0 | ||
| Share in income of companies accounted for by the equity method | 0 | 0 | 0 | ||
| Gains and losses on disposals | (1) | 235 | 0 | ||
| Share in subsidies | 0 | 0 | 0 | ||
| Cash flow | (2,453) | (5,567) | (4,186) | ||
| Cost of gross debt | 34 | 70 | 56 | ||
| Tax | 0 | 0 | 0 | ||
| Cash flow before cost of net debt and taxes | (2,419) | (5,497) | (4,130) | ||
| Tax | 0 | 15 | 0 | ||
| Change in inventories and consumables | (125) | (373) | 12 | ||
| Change in client receivables | (10) | 509 | (486) | ||
| Change in trade payables | (1,492) | 1,165 | 1,078 | ||
| Change in other current assets and liabilities (a) | 126 | 712 | (279) | ||
| Change in working capital from/(used in) activities | (1,501) | 2,028 | 325 | ||
| NET CASH FLOW FROM/(USED IN) OPERATIONS | (3,920) | (3,469) | (3,805) | ||
| Production of fixed assets (capitalized R&D) | (1,674) | (2,460) | (2,039) | ||
| Share of subsidies and research tax credit linked to development projects underway |
267 | 595 | 739 | ||
| Acquisitions of other property, plant and equipment and intangible assets | (483) | (6,848) | (8,407) | ||
| Change in amounts payable on non-current assets | 340 | (304) | (264) | ||
| Acquisitions of financial assets | 0 | 0 | (1) | ||
| Disposals of other property, plant and equipment and intangible assets | 2 | 0 | 5 | ||
| Disposals of financial assets | 7 | 211 | 4 | ||
| Cash linked to the acquisitions and disposal of subsidiaries | 0 | 0 | 0 | ||
| NET CASH FLOW FROM/(USED IN) INVESTMENTS | (1,541) | (8,806) | (9,963) | ||
| Capital increase linked to parent company | 0 | 0 | 727 | ||
| Capital increase linked to subsidiaries | 0 | 0 | 49 | ||
| Acquisitions and disposals of own shares | (3) | (7) | (8) | ||
| New borrowings and other debt | 0 | 332 | 889 | ||
| Repayments of borrowings and other debt | 0 | 0 | 0 | ||
| Change in current accounts | 2 | 51 | (54) | ||
| Interest on borrowings and debt | 0 | 0 | 0 | ||
| NET CASH FLOW FROM/(USED IN) FINANCING | (1) | 376 | 1,603 | ||
| Change in cash and cash equivalents | (5,462) | (11,899) | (12,165) | ||
| Opening cash (1) | 15,708 | 27,607 | 39,772 | ||
| Closing cash (1) | 10,246 | 15,708 | 27,607 | ||
| (a) o/w change in research tax credit: | (500) | 1,312 | (1,347) | ||
News releases under ongoing reporting obligations:
- News release on accounts, results
Full and original press release in PDF:
https://www.actusnews.com/documents_communiques/ACTUS-0-50094-fermentalg-cp-rfs-2017-veng.pdf
Source : Actusnews