Clermont-Ferrand, 13 May 2016 – METabolic EXplorer, a biological chemistry company that specialises in developing manufacturing bioprocesses for bio-based compounds used in a wide range of everyday products, including textile fibres, animal feed supplements and resins, today published its FINANCIAL data for first-quarter of 2016.
METabolic EXplorer reported turnover of €452,000 in first-quarter 2016. This amount corresponds to the contractual revenues generated over the period as part of the development agreement signed with the Finnish group UPM, a world leader in the wood-paper sector. To recap, the agreement covers development of a monopropylene glycol (MPG or 1.2 propanediol) production process from second-generation cellulosic sugars. Quarterly revenues are expected in 2016 as part of this contract, the conditions of which are and remain confidential.
|Turnover (IFRS) – €‘000||2015||2016|
At 31 March 2016, the company's gross cash position under IFRS standards stood at €7.5 million, compared with €9.2 million at 31 December 2015. That sum notably includes the inflow of the last tranche of Bpifrance aid MADE as part of the Bio2Chem collaborative biological chemistry project, or €923,000. The cash position is compatible with the timeline envisioned by the company for the industrial development of its technologies.
The cash at hand net of debt under IFRS standards amounted to -€0.8 million at 31 March 2016, compared with €1.5 million at 31 December 2015. METabolic EXplorer would like to point out that gross debt under IFRS standards (€8.3 million) takes account of the advances perceived and repayable in the event of success and of commercialisation, or €3.6 million. The cash at end net of debt excluding repayable advances thus comes out at €2.8 million (under IFRS standards).
About METabolic EXplorer - www.metabolic-explorer.com
METabolic EXplorer is a biological chemistry company founded in 1999. Its aim is to harness its biotechnological innovations to contribute to the alternative production of consumer goods in respect of the environment and in response to the new social expectations of consumers.
Based on the tried and tested principle of industrial fermentation, METabolic EXplorer's solutions replace today's petrochemical processes with the use of a wide range of plant-based raw materials. By optimizing the metabolic yield of non-pathogenic bacteria in a contained, controlled environment, the company facilitates the production of chemical compounds used in a wide range of everyday goods (textile fibres, plastics, resins, solvents or feed supplements for animal nutrition and health).
METabolic EXplorer is currently focusing its alternative processes on the production of three compounds that together have an estimated, annual, end-market value of €7 billion. The company's strategy will be implemented through industrial partnerships in the shape of licenses and joint ventures, as well as own-account production units.
METabolic EXplorer, based in Clermont-Ferrand, France, is listed on Euronext in Paris (Compartment C, METEX) and is part of the CAC Small index.
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This communication includes forward-looking information which is subject to risks and uncertainties. The potential development of the company could be substantially different from that anticipated in this press release because of the various risk factors which are described in the company's Listing Prospectus.