GLOBAL BIOENERGIES: 2015 FINANCIAL RESULTS
(Thomson Reuters ONE) -
GLOBAL BIOENERGIES: 2015 FINANCIAL RESULTS
Net loss for the Group of ?10.4m in 2015
Cash position of ?10.4m as at 31 December 2015, strengthened by a capital
increase of ?6.5m in January 2016
Leuna Demo Plant: construction on-going, first batches expected in autumn
2016
First commercial plant (IBN-One): engineering on-going, start of
production expected within three years.
Evry, 30 March 2016 - Global Bioenergies (Alternext Paris: ALGBE/PEA-PME
eligible), publishes its 2015 annual accounts, approved by the Board of
Directors that took place on this date.
* Group structure on 31 December 2015
The report presenting the parent company's business and accounts for the
financial year 2015, as well as the Group's consolidated accounts for 2015 are
available on the Global Bioenergies' website in the section "Investors /
Regulated information". The Group's consolidated accounts are presented on a
voluntary basis in order to provide the clearest possible financial information
on Global Bioenergies' activities.
* Group Profit & Loss Account as at 31 December 2015
+-----------------------------------------------------------------------+
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| ? thousands 01/01/15 01/01/14 01/01/13 |
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| GROUP CONSOLIDATED ACCOUNTS to 31/12/15 to 31/12/14 to 31/12/13 |
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| 12 months 12 months 12 months |
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+-----------------------------------------------------------------------+
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| Operating income 2,228 3,171 1,184 |
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| Operating expenses 14,240 12,672 7,890 |
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| Operating profit (loss) (12,013) (9,501) (6,706) |
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| Financial profit (loss) (258) 130 106 |
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| Exceptional profit (loss) (109) (83) (23) |
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| Income tax (1,985) (1,876) (1,413) |
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+-----------------------------------------------------------------------+
| Net profit (loss) (10,395) (7,578) (5,211) |
+-----------------------------------------------------------------------+
* Operating income
The operating income corresponds to ?1.3 million in revenue generated from the
industrial groups, Audi and Synthos, respectively partners of Global Bioenergies
on the Isobutene and Butadiene programmes.
An additional ?0.9 million in subsidies, obtained from the French Government and
the German Federal Government (?5.3 million in financing is still to be received
by September 2017), is added to this revenue.
* Operating expenses
Operating expenses increased by ?1.6 million, partly because of additional
expenses associated with the pilot and demo plants.
* Group Balance Sheet as at 31 December 2015
+--------------------------------------+ +-------------------------------------+
|Assets (? thousands) 31/12/15 31/12/14| |Liabilities (? 31/12/15 31/12/14|
| | |thousands) |
+--------------------+--------+--------+ +-------------------+--------+--------+
| | | | | | | |
| | | | | | | |
|Intangible assets | 106| 137| |Capital | 142| 139|
| | | | | | | |
|Assets | 7,320| 3,721| |Share premium | 37,817| 36,009|
| | | | | | | |
|Financial assets | 142| 110| |Retained earnings |(19,665)|(12,087)|
| | | | | | | |
| | | | |Profit (loss) |(10,395)| (7,578)|
| | | | | | | |
| | | | | | | |
| | | | | | | |
|NON-CURRENT ASSETS | 7,478| 3,968| |EQUITY | 7,899| 16,483|
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | |PROVISIONS | 30| 29|
| | | | | | | |
| | | | | | | |
| | | | | | | |
|Inventories, | | | |Conditional | | |
|receivables, prepaid| 4,313| 4,922| |advances and loans | 10,440| 4,162|
|expenses | | | | | | |
| | | | | | | |
|Cash | 10,418| 15,657| |Trade payables and | 3,181| 2,395|
| | | | |related accounts | | |
| | | | | | | |
| | | | |Other debts | 660| 1,479|
| | | | | | | |
| | | | | | | |
| | | | | | | |
|CURRENT ASSETS | 14,731| 20,579| |PAYABLES | 14,281| 8,036|
| | | | | | | |
| | | |
+--------------------+--------+--------+ +-------------------+--------+--------+
|TOTAL ASSETS | 22,209| 24,547| |TOTAL LIABILITIES | 22,209| 24,547|
+--------------------+--------+--------+ +-------------------+--------+--------+
* Fixed assets (+?3.5m)
Global Bioenergies' balance sheet shows a rise in fixed assets, mainly due to
the launch of construction of the Leuna demo plant in the second quarter 2015.
* Payables (+?6.2m)
In 2015, the Group took out loans to finance part of its activities. A loan of
?4.4 million was contracted with a consortium of four French banks to contribute
to the financing of the Leuna demo plant; the Group also obtained an interest-
free innovation loan (PTZI) from Bpifrance, amounting to ?1.4 million, to
finance laboratory activities with the aim of improving the Isobutene program.
Lastly, Global Bioenergies received ?1.7 million as a repayable advance from the
Agence de l'Environnement et de la Maîtrise de l'Energie (ADEME) after the
validation of two milestones in the BioMA+ project.
* Current Assets (-?5.8m)
As at 31 December 2015, the Group's cash position amounted to ?10.4 million. As
a reminder, as at 31 December 2014, net cash amounted to ?15.7 million.
* Group's Cash-flow
+------------------------------------------------------------------------------+
|CASH-FLOW (? thousands) 2015 2014 2013|
+------------------------------------------------------ |
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|Operating cash-flow (8,840) (8,009) (4,333)|
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| Net profit (loss) (10,395) (7,578) (5,211)|
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| Amortisation (+) 979 586 346|
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| Gain on asset disposal (-) - (11) -|
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| Change in Working Capital Requirement 576 (1,029) 532|
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|Investing cash-flow (4,488) (2,798) (785)|
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| Acquisition of fixed assets (-) 4,489 2,801 785|
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| Sale of fixed assets (+) 1 3 -|
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|Financing cash-flow 7,873 2,720 22,523|
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| Capital increase in cash (+) 1,882 1,148 23,000|
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| Capital increase costs charged to the issue premium 71 83 1,266|
|(-) |
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| Repayable advances received (+) 1,726 398 143|
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| Loans arranged (+) 5,800 1,996 1,187|
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| Repayable advances repaid (-) 338 360 300|
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| Loans repaid (-) 1,125 379 242|
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|Net cash-flow (5,454) (8,087) 17,404|
+------------------------------------------------------------------------------+
The Group's net cash-flow shows a cash reduction of ?5.5 million during 2015; in
2014, the reduction was ?8.1 million.
* Highlights of the financial year 2015 and recent events
Industrial activity
* Creation of the IBN-One company
In May 2015, Global Bioenergies and Cristal Union (second largest sugar producer
in France, shareholder in Global Bioenergies' capital since 2011) united their
interest in a joint venture to build and operate, in France, the world first
bio-sourced isobutene factory. The company, named IBN-One and held equally by
the two groups, represents a bridge between the sugar and the petrochemical
industries. The IBN-One factory will have annual production capacity of
50,000 tonnes of bio-sourced isobutene and would be operational within three
years.
* Start of construction of the industrial demo plant in Germany
The demo plant's engineering was completed during the first quarter of 2015.
Construction work began straight after this. The first modules for the future
production site were handed over in October, and the installation of the 5,000
litre fermenter was completed before the end of the year, 40 days ahead of
schedule. The schedule plans for the completion of construction this summer,
with the first batches of isobutene being produced this autumn.
* Delivery of first batches of isobutene to industrialists
The fermentation campaigns carried out since the last quarter of 2014 on the
Pomacle-Bazancourt pilot plant led to the production of the first batches of
bio-sourced isobutene, delivered to Arkema as part of a partnership for the
production of paint additives.
Subsequently, the Group synthesized isooctane from isobutene produced in
Pomacle-Bazancourt. This fuel can be used without any technical restriction in
vehicles with conventional gasoline engines. The first litres of this renewable
fuel were delivered to the Audi automobile manufacturer, with whom the Group has
been in partnership since 2011.
Lastly, the delivery of samples to the Comité Français du Butane et du Propane
(CFBP) has laid the foundations for the incorporation of renewable isobutene in
domestic bottled gas.
Numerous other industries in different sectors have since requested samples of
fermentated isobutene.
R&D
* Improvement in the yields and productivity of the Isobutene process
In 2015, the work carried out in the laboratory and on the site of the Pomacle-
Bazancourt pilot plant have resulted in two milestones being reached and
validated by the Agence de l'Environnement et de la Maîtrise de l'Energie
(ADEME). During the summer 2015, the process achieved 70% of its target
commercial yield.
* Diversification of feedstock
Initially, the Group developed and improved its Isobutene process using glucose
as feedstock. In July, the Group announced that it had succeeded in adapting the
process to sucrose. Adaptation of the Isobutene process to sucrose was a
fundamental prerequisite for the development of the first plant, IBN-One, which
will operate using residual sugar beet.
By going further in this approach, the adaptation to so-called "2(nd)
generation" sugars will enable the use of feedstock from non-edible, cheaper
resources. During the first half of the year, the Group carried out preliminary
compatibility tests in the laboratory on samples from nine companies located in
three continents, leading to promising results. In August, a new stage was
achieved with the announcement of the adaptation of the Isobutene process to
xylose, a sugar extracted from wood.
Lastly, at the end of 2015, the Group signed two new agreements to adapt Global
Bioenergies' technology to the use of industrial waste, such as carbon monoxide
or carbon dioxide. These new agreements were signed with two historical
partners, Audi and LanzaTech.
Events after the closing date
In January 2016, Global Bioenergies increased its capital via a private
placement. At that time, 274,931 new shares were issued at a price of ?23.70 per
share, representing a total amount of around ?6.5 million. The funds raised will
be used to complete the development of the Isobutene process and launch its
commercial roll-out.
François-Henri Sahakian, Global Bioenergies' CFO, states: "Following the January
2016 fundraising and taking into account the ?5.3 million in public financing
yet to be received, our visibility now goes beyond the construction and start of
production at the Leuna demo plant. We consider that this event will be a
significant value creation point for the Group, and will open the next chapter,
where commercialisation roll-out will play the leading role."
Marc Delcourt, co-founder and CEO at Global Bioenergies, concludes: "Since
September 2014, the Company has navigated in a tumultuous environment due to the
fall in the price of oil. As for all companies in the sector, the price of the
Global Bioenergies share fell considerably. Over the last few weeks, we have
noted a distinct lull. We remain committed to our ambition of standing amongst
the leaders of the energy and environmental transition, in a context of
progressing environmental awareness following the Paris COP21, and made all the
more urgent by the recent temperature records established in 2015."
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in
Europe, that is developing a process to convert renewable resources into
hydrocarbons through fermentation. The Company initially focused its efforts on
the production of isobutene, one of the most important petrochemical building
blocks that can be converted into fuels, plastics, organic glass and elastomers.
Global Bioenergies continues to improve the performances of its process,
operates its industrial pilot, has begun the construction of its demo plant in
Germany, and prepares the first full-scale plant through a Joint-Venture with
Cristal Union, named IBN-One. The company also replicated its achievement to
propylene and butadiene, two members of the gaseous olefins family, key
molecules at the heart of petrochemical industry. Global Bioenergies is listed
on Alternext, Euronext Paris (FR0011052257 - ALGBE).
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Contact
GLOBAL BIOENERGIES
François-Henri Sahakian
Chief Financial Officer
Phone: +33 (0)1 64 98 20 50
Email: invest(at)global-bioenergies.com
PRESS RELEASE:
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Source: GLOBAL BIOENERGIES via GlobeNewswire
[HUG#1998766]
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Datum: 30.03.2016 - 17:42 Uhr
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News-ID 460756
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