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GLOBAL BIOENERGIES: PUBLICATION OF THE HALF-YEAR RESULTS TO 30/06/2016

By GlobeNewswire,  September 22, 2016, 11:40:00 AM EDT


Net loss for the Group of €6.7 million in the first half of 2016

€9.1 million in cash at 30 June 2016

EVRY, France, Sept. 22, 2016 (GLOBE NEWSWIRE) -- Global Bioenergies (Alternext Paris:ALGBE) publishes its audited half-year financial statements to 30 June 2016, together with its registration document including the Group's consolidated financial statements at 31 December 2015 and 30 June 2016.

The report presenting the Company's business and accounts for the first half of 2016, as well as the report containing the Group's consolidated financial statements for the same period, are available on the Global Bioenergies website in the "Investors/Regulated information" section. The registration document filed with the French Financial Markets Authority (AMF) on 22 September is available in the same section and on the AMF website.

  • Group Profit & Loss Account as at 30 June 2016
       
In € thousands from 01/01/16 from 01/07/15 from 01/01/15
GROUP CONSOLIDATED FINANCIAL STATEMENTS to 30/06/16 to 31/12/15 to 30/06/15
  6 months 6 months 6 months
       
       
Operating income 767 1,467 761
Operating expenses 7,200 7,439 6,801
Operating profit (loss) (6,433) (5,973) (6,040)
       
Financial profit (loss) (245) (189) (69)
Exceptional profit (loss) (32) (89) (20)
       
Income tax NA* (1,985) NA*
       
Net profit (loss) (6,709) (4,266) (6,129)

*Note: by convention, the Group does not record Research Tax Credit (Crédit d'Impôt Recherche) in its half-year positions

The Group's operating loss over the past three six-month periods is stable at between €6 million and €6.4 million, reflecting rigorous management against the backdrop of construction of the Leuna demo plant (Germany), which is scheduled to be delivered soon.

Operating income is dependent in particular on subsidies from the German and French governments; €4.4 million is slated to be received by the end of 2017.

  • Group Balance Sheet as at 30 June 2016
Assets (€ thousands) 30/06/16 31/12/15   Liabilities (€ thousands) 30/06/16 31/12/15
             
Intangible assets 91 106   Capital 159 142
Assets 10,202 7,230   Share premium 45,541 37,817
Financial assets 144 142   Retained earnings (30,066) (19,665)
        Profit (loss) (6,709) (10,395)
        Equipment subsidies 156 0
             
NON-CURRENT ASSETS 10,437 7,478   EQUITY 9,081 7,899
             
        PROVISIONS 40 30
             
Inventories - Receivables - Prepaid Expenses 2,376 4,313   Conditional advances and loans 9,830 10,440
Cash - Marketable securities 9,107 10,418   Trade payables and related accounts 2,497 3,181
        Other debts 473 660
             
CURRENT ASSETS 11,483 14,731   PAYABLES 12,799 14,281
             
TOTAL ASSETS 21,920 22,209   TOTAL LIABILITIES 21,920 22,209

Capital investments for the first half of 2016 were €3.6 million, bringing total assets to

€10.2 million. These investments are primarily for the construction of the Leuna demo plant.

Note that the investments made in the Leuna demo plant are financed by a bank loan of

€4.4 million taken out in 2015 with a consortium of banks and by a €5.7 million subsidy granted by the German Ministry of Research, of which €3.7 million was yet to be received as of 30/06/2016. In addition, financing of €9 million dedicated to IBN-One's first renewable isobutene production plant was granted to the Group by the ADEME's Investments for the Future Program. It is scheduled to be paid over the next four years.

CASH-FLOW (€ thousands) H1 2016 2015 2014
       
Operating cash-flow (4,994) (8,840) (8,009)
  Net profit (loss) (6,709) (10,395) (7,578)
  Amortisation (+) 647 979 586
  Gain on asset disposal (-) (3) - (11)
  Change in Working Capital Requirement 1,065 576 (1,029)
       
Investing cash-flow (3,598) (4,488) (2,798)
Financing cash-flow 7,096 7,873 2,720
       

Cash at 30 June 2016 was €9.1 million, down by €1.3 million over the half-year. It enables the Group to cover its needs beyond the major value creation step resulting from the production of isobutene batches at the Leuna demo plant.

  • Highlights of the first half of 2016 and recent events

Industrial agreements

Historical partners Arkema and Audi both indicated that they had carried out studies that technically validate the isobutene produced by Global Bioenergies for paint and fuel applications, respectively.

Several agreements have been signed with new industrial players, demonstrating the growing interest in the technology developed by Global Bioenergies:

  • Arlanxeo, a world leader in synthetic rubber production, obtained a batch of isobutene produced and purified from the Pomacle pilot site;
  • Clariant, a European leader in speciality chemicals, received a batch of isobutene and validated its specifications for a specific application, which has not yet been revealed;
  • the cosmetics giant L'Oréal is moving closer to its aim of using biosourced ingredients with its involvement in a new project that has received €9 million in financing from the Investments for the Future Progam. The project is being conducted with the Cristal Union sugar group, Global Bioenergies and their jointly held subsidiary IBN-One;
  • the Swedish group Aspen secured access rights to isooctane made from isobutene that will be produced at Leuna and by IBN-One for a speciality fuels application (alkylate gasoline for small two- and four-stroke engines).

Construction of the demo plant at Leuna is continuing

At the beginning of June, the Group reported that all of the demo plant's large units had been accepted. The last construction phase consists in connecting the different units together. The complete audit prerequisite to receiving an operating permit is underway. During the first half of the year, the Group stated that the performance achieved by the process implemented at the Pomacle-Bazancourt pilot site reflected that obtained a few months earlier in the laboratory at Evry: this preliminary success in scaling up the process provides an excellent base on which to prepare for the Leuna demo plant start-up planned for this autumn.

First phase of IBN-One plant engineering entrusted to Technip and IPSB

The Group has entrusted the Front End Engineering Design studyfor the first plant to convert renewable resources into isobutene to the Technip and IPSB groups. Technip is a world leader in energy, petrochemicals and chemical engineering; IPSB is an engineering company specialised in sugar and biotechnology. Plant construction could begin early 2018.

François-Henri Reynaud
, Global Bioenergies Chief Financial Officer, comments: "Nearly all the investment for the construction of the Leuna demo plant is now behind us. The company is reporting a satisfactory cash level at 30 June 2016. It will be sustained over the coming months thanks to significant payments from the German and French funding secured in recent years."

Marc Delcourt
, co-founder and CEO at Global Bioenergies, concludes: "Once the Leuna demo plant is operational, Global Bioenergies will be able to sell its technology under optimal conditions. I expect a number of renewable isobutene production plant projects to emerge over the coming years."

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, builds 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).

Should you like to be kept informed, subscribe to our news feed on

www.global-bioenergies.com

Follow us on Twitter: @GlobalBioenergi

Contact

GLOBAL BIOENERGIES

François-Henri REYNAUD

Chief Financial Officer

Phone:                 +33 1 64 98 20 50

Email: invest@global-bioenergies.com

 
   

PRESS RELEASE http://hugin.info/166909/R/2043947/763160.pdf

Source: GLOBAL BIOENERGIES

This article appears in: News Headlines

Referenced Stocks: ALGBE


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