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2015 Interim Financial Statements

Mercredi 16 Sep 2015 à 19:00

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
aprisa@actus.fr
ACTUS finance & communication
Jérôme Fabreguettes-Leib
Tel: +33 (0)1 53 67 36 78
jfl@actus.fr

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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