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Fermentalg (FALG) FR0011271600


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Half-year results and publication of the 2017 half-year financial report

Lundi 11 Sep 2017 à 18:00

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)
           


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