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2017 Annual Results and commercial developments

Lundi 05 Mar 2018 à 19:15

Libourne – 5 March 2018 – Fermentalg (Euronext – FALG), a French leader in microalgae for nutrition and health has published its 2017 annual results. Fermentalg's Board of Directors, chaired by Philippe Lavielle, approved the FINANCIAL statements for the year ending 31 December 2017. The consolidated financial statements have been audited. The audit certification report is currently being prepared.

Philippe Lavielle, Fermentalg Chairman and CEO, MADE the following comments: “2017 was above all a year of consolidation. From a financial standpoint, the successful fund-raising carried out enabled us to end the year with cash assets of €21.8m. From a business standpoint, the market launch of our first algal oil, naturally rich in Omega-3, and the signing of an initial distribution agreement with European company IMCD, marks the beginning of a new chapter for our company. Finally, a strategic agreement signed with DIC Corporation, a Japanese leader in the global chemicals industry, enables us to step up the development of two new innovative products intended for the health and nutrition market. Fermentalg also maintained a high level of operating expenses in 2017, both in terms of technology and industrial investments, in order to strengthen its product pipeline over the short and medium term. All of these factors enable us to tackle 2018 with increased confidence in the company's business potential."

Cash assets of €21.8 million at 2017 year-end

2017 was marked by the success of two financial operations, a €12.6 million capital increase largely subscribed by current shareholders and new investors, and a €5 million convertible bond issue subscribed by DIC Corporation as part of the strategic partnership entered into by the two Groups.

These operations significantly bolstered the company's cash position, enabling it to roll out its industrial and commercial strategy. Cash used by operations[1] remained stable in 2017 at €7.3 million. The industrial ramp-up and ongoing investment in R&D were offset by a decrease in fees and other non-recurring expenses. The change in working capital was negative in 2017 at €1.9 million, compared to a €2.0 million positive change in 2016, while capital expenditures (excluding R&D) significantly decreased to €1.1 million in 2017, compared with €6.8 million in 2016

Cash assets amounted to €21.8 million at 31 December 2017, up from €15.7 million at 31 December 2016, and shareholders' equity of €41.2 million. Borrowings of €8.0 million comprise repayable advances on innovation programs and the convertible bond issue.

A pipeline bolstered by the addition of new products

Two new programs have been added to our three algal product ranges already being developed for the health and nutrition market (Omega-3, phycocyanin and protein), in close cooperation with our Japanese partner DIC Corporation. All of these innovative products reflect the major fundamental trends changing the agri-food sector: the growing demand for natural products (fewer synthetics in our foods), the increasingly close link between nutrition and health (maintaining health through food) and the growing concern for the environment (no GMOs or overly-intensive practices).

In accordance with its business plan, Fermentalg launched its first product in 2017, a DHA-rich algal oil (DHA ORIGINS 350® with a minimum oil concentration of 350 mg/g). In just a few months, Fermentalg reached all of its technological and regulatory milestones, produced the first industrial work packages and signed a European distribution agreement with IMCD Group, a leader in the sale, marketing and distribution of speciality chemical products and nutritional ingredients.

These key milestones, combined with the numerous sales contacts made, give Fermentalg the best chance for a successful launch in 2018 of its second product DHA ORIGINS 550®, the most naturally concentrated algal Omega-3 on the market (minimum oil concentration of 550 mg/g). This product, which is already attracting a certain amount of interest, will be unveiled at the 2018 VITAFOODS EUROPE event in May.

In addition, Fermentalg's road map includes the launch of an algal protein in 2019 and an initial algal colourant in 2020. This pipeline is bolstered by the strategic partnership with DIC Corporation, whose operational focus is the joint development of two new products, including an innovative phycocyanin.

Finally, major advancements were made in the development of an urban and industrial "carbon sink", designed to purify the atmosphere by capturing CO2 and other pollutants, in partnership with the SUEZ Group. In 2017, the partners launched two test programs: one for the capture of incinerator fumes, and the other in the heart of Paris dedicated to exhaust gases.

About Fermentalg:

Fermentalg is a leader in France in the microalgae sector. Based in Libourne (Nouvelle Aquitaine), the company produces oils, pigments and proteins derived from the bio-industrial use of microalgae. Its primary markets are the food, feed and health markets. Fermentalg shares are listed on Euronext in Paris (FR0011271600 - FALG). For more information, visit: www.fermentalg.com



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Alexandra PRISA
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Comprehensive income statement

(€ thousands) 31/12/2017 31/12/2016
Revenue 170 137
Other income from operations 1,103 568
Production costs -1,115 -133
Research and Development expenses -4,522 -2,566
Administrative and sales expenses -2,873 -4,250
Operating income before share-based payments and non current elements -7,237 -6,244
Payroll expenses linked to share-based payments -35 138
Other non-recurring operating income and expenses 30 -1,594
Operating income after share-based payments and non current elements -7,242 -7,700
Income from cash and cash equivalents 43 328
Cost of gross borrowings -72 -70
Cost of net borrowings -29 258
Other financial income and expenses 0 -61
Net tax expense 0 -67
Consolidated net income -7,271 -7,570
Minority interests 2 11
Consolidated net earnings per share (in euros) -0.56 -0.63
Consolidated diluted net earnings per share (in euros) -0.56 -0.62

Balance sheet

(€ thousands) 31/12/2017 31/12/2016
Intangible assets 8,069 6,020
Tangible assets 16,511 17,613
Non-recurring financial assets 171 140
Deferred tax assets 3,236 3,236
Inventories 840 558
Client receivables 113 7
Other receivables 3,313 2,814
Cash and cash equivalents 21,752 15,707
TOTAL ASSETS 54,005 46,095
Capital 686 484
Additional paid-in capital 52,036 50,289
Reserves and retained earnings -4,261 -6,582
Global net income -7,269 -7,559
Shareholders' equity (Group share) 41,192 36,632
Minority interests 0 -43
Borrowings 7,958 3,348
Retirement commitments 70 64
Provisions for current risks 305 590
Trade payables 1,830 3,175
Other current liabilities 2,650 2,329

Cash flow statement

(€ thousands) 31/12/2017 31/12/2016
Global net income -7,271 -7,570
Depreciation, amortization and provisions (excluding provisions against current assets) 1,914 1,840
Expenses on shared-based payments 35 -138
Change in deferred tax 0 66
Gains and losses on disposals of fixed assets 0 235
Cash flow -5,323 -5,567
Cost of gross borrowings 62 70
Cash flow before cost of borrowings,
net of tax
-5,261 -5,497
Tax 0 15
Change in inventories -282 -373
Change in trade receivables -106 509
Change in trade payables -1,194 1,165
Change in other current assets and liabilities (a) -321 712
Change in working capital related to operations -1,903 2,028
Production of fixed assets (capitalised R&D) -2,481 -2,460
Share of subsidies and research tax credit linked to development projects underway 430 595
Acquisitions of other tangible and intangible assets -1,091 -6,848
Change in fixed asset liabilities -3 -304
Disposal of financial assets -31 211
Capital increase linked to parent company 11,688 0
Acquisitions and disposals of own shares 3 -7
New loans and other borrowings 4,694 332
Change in current accounts 0 51
Interest paid on loans and borrowings 0 0
Change in cash and cash equivalents 6,045 -11,899
Opening cash and cash equivalents(1) 15,708 27,607
Closing cash and cash equivalents(1) 21,752 15,708
(a): including change in Research tax credit: -1,153 1,312

[1] Cash flow + net capitalised R&D costs

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