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Fermentalg (FALG) FR0011271600


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2016 results

Jeudi 30 Mar 2017 à 21:00

Libourne - 29 March 2017 – Fermentalg, an industrial biotechnology company that specializes in the production of oils, proteins and pigments derived from microalgae, has published its results for FINANCIAL year 2016. Its Board of Directors, which met on 8 March 2017 under Chairman Philippe Lavielle, has approved the Group's accounts as at 31 December 2016. The financial statements have been audited in full and the yearly financial report will be available to the public no later than 30 April 2017.

Primary development strategies

2016 saw Fermentalg focus its resources on its priority short- and medium-term programs (1 to 3 years), including:

  • the industrialization and commercialization of Omega-3 algal oil, DHA350;
  • the industrialization and commercialization of concentrated Omega-3 algal oil, DHA550;
  • the development of processes and the industrialization of a natural blue pigment for food derived from Phycocyanine;
  • the development of processes and the industrialization of an antioxidant algal protein for human nutrition and animal feed.

The company also decided to pursue its partnership with the SUEZ Group linked to the development of urban and industrial carbon sinks designed to purify the surrounding atmosphere through the capture of carbon dioxide (CO2) and other pollutant particles.

Lastly, Fermentalg has also continued with its research on Astaxanthin, a natural red pigment for use in nutrition and cosmetics, and with its collaborative program with Adisseo linked to animal feed.

Adapting resources to roadmap

Fermentalg's operating income (revenue and research tax credit, subsidies) amounted to €0.7 million for 2016.

In line with the Group's strategic roadmap and budget, the number of employees assigned to R&D went from 46 in December 2015 to 37 in December 2016. Fermentalg had 20 families of patents at end-2016, including 2 new patents registered during the year. Taking into account the development partnerships signed by the company in 2016, the global R&D budget remained stable at €5.0 million.

Administrative and sales expenses assigned to structuring the company and preparing for its industrial and commercial development also remained stable at €4.3 million for the year.

As a result, current operating income [1] stood at -€6.2 million (-€5.7 million in 2015). After other operating expenses (€1.6 million primarily linked to the Group's strategic repositioning) and net cash proceeds (€0.3 million as against €0.5 million in 2015), net income amounted to -€7.6 million in 2015 compared with -€5.3 million in 2015.

Cash assets of €15.7 million at the end of 2016

After industrial investments of €5.3 million in the Libourne site and €1.5 million in the partner factory in Pomacle, equity amounted to €36.6 million for a gross cash position of €15.7 million on 31 December 2016 (€28.5 million on 31 December 2015). Financial debt consisted of €3.3 million in repayable advances on Fermentalg's innovation programs, leaving the Group with what it considers to be sufficient cash assets to finance its development plan in 2017. Fermentalg is already working on various financing solutions to accompany its industrial and commercial development.

Outlook: industrial and commercial launch of DHA350

2017 should see the actual industrial and commercial launch of DHA350. The priorities for the beginning of the year focus on:

  • the setting up of a sales team to be headed up by the new Sales Director;
  • the issue of samples to distributors and industrial operators from the agrifood industry to enable them to test and validate products;
  • the perfectioning of the production process at the Pomacle site.

In line with the calendar presented at the start of 2016, Fermentalg also intends to finalize the development and large-scale production of concentrated Omega-3 oil, DHA550. The preindustrial and regulatory developments needed upstream of the market launch of the antioxidant food protein and Phycocyanine will also be priorities in 2017.

About Fermentalg

Based in Libourne (Gironde), Fermentalg is an industrial biotechnology company and a global leader in the production of oils, proteins and pigments derived from the fermentation of microalgae. Its primary markets are the food and feed markets. 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) 31/12/16 31/12/15
Revenue 137 479
Other income from operations 568 1,185
Production costs -133 0
Research and Development expenses -2,566 -3,096
Administrative and sales expenses -4,250 -4,236
Operating income before share-based payments and non-current items -6,244 -5,668
Payroll expenses linked to share-based payments 138 -117
Other non-current operating income and expenses -1,594 -50
Operating income -7,700 -5,836
Income from cash and cash equivalents 328 581
Cost of gross financial debt -70 -56
Cost of net financial debt 258 525
Other financial income and expenses -61 16
Net tax expense -67 0
Consolidated net income -7,570 -5,295
Minority interests 11 6
GLOBAL CONSOLIDATED NET INCOME (GROUP SHARE) -7,559 -5,288
Consolidated net earnings per share (in euros) -0.63 -0.44
Consolidated diluted net earnings per share (in euros) -0.62 -0.43

Balance sheet

(€ thousands) 31/12/16 31/12/15
ASSETS    
Goodwill 0 0
Intangible assets 6,020 4,241
Tangible assets 17,613 12,455
Non-current financial assets 140 351
Deferred tax assets 3,236 3,302
TOTAL NON-CURRENT ASSETS 27,009 20,349
Inventories 558 0
Client receivables 7 516
Corporate income tax receivables 0 15
Other non-financial current assets 2,814 3,969
Cash and cash equivalents 15,707 28,506
TOTAL CURRENT ASSETS 19,086 33,006
TOTAL ASSETS 46,095 53,355
LIABILITIES    
Capital 484 484
Premiums 50,289 56,632
Reserves and retained earnings -6,582 -7,466
Global net income -7,559 -5,287
Shareholders' equity (Group share) 36,632 44,362
Minority interests -43 17
TOTAL SHAREHOLDERS' EQUITY 36,589 44,380
Financial debt 3,348 2,902
Retirement commitments 64 56
Provisions for non-current risks 0 300
TOTAL NON-CURRENT LIABILITIES 3,412 3,258
Bank overdrafts 0 900
Provisions for current risks 590 0
Supplier debt 3,175 1,881
Other current liabilities 2,329 2,936
TOTAL CURRENT LIABILITIES 6,094 5,717
TOTAL LIABILITIES 46,095 53,355

Cash flow statement

(€ thousands) 31/12/16 31/12/15
Global net income -7,570 -5,295
Depreciation, amortization and provisions (excluding provisions against current assets) 1,840 992
Expenses on share-based payments -138 117
Change in deferred tax 66 0
Gains and losses on disposals 235 0
Cash flow -5,567 -4,186
Cost of gross financial debt 70 56
Cash flow before cost of financial debt,
net of tax
-5,497 -4,130
Tax 15 0
Change in consumables -373 12
Change in client receivables 509 -486
Change in supplier payables 1,165 1,078
Change in other current assets and liabilities (a) 712 -279
Change in working capital requirement linked to operations 2,028 325
NET CASH FLOW LINKED TO OPERATIONS -3,469 -3,805
Production of fixed assets (capitalized R&D) -2,460 -2,039
Share of subsidies and research tax credit linked to development projects underway 595 739
Acquisitions of other tangible and intangible assets -6,849 -8,407
Change in fixed asset liabilities -304 -264
Acquisitions of financial fixed assets 0 -1
Disposals of other tangible and intangible assets 0 5
Disposals of financial assets 211 4
Cash linked to the acquisition and disposal of subsidiaries 0 0
NET CASH FLOW LINKED TO INVESTMENTS -8,807 -9,963
Capital increase linked to parent company 0 727
Capital increase reserved for employees 0 49
Acquisitions and disposals of own shares -7 -8
New borrowings and other financial debt 332 889
Change in current accounts 51 -54
NET CASH FLOW LINKED TO FINANCING 376 1,603
Change in cash -11,899 -12,165
Opening cash (1) 27,607 39,772
Closing cash (1) 15,708 27,607
(a) o/w change in research tax credit: 1,312 -1,347

*: in 2015, €185,000 in inventory consumables was reported under non-financial currents assets.

 

[1] Operating income before share-based payments



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