- Industrial commissioning of AFYREN NEOXY initiated in March, in line with the announced schedule and budget
- Net result of – €4.2 million in line with the development plan announced at the IPO (start-up of the first plant in progress and preparation of the next ones)
- Securing the sale of 70% of the projected output of organic acids from the AFYREN NEOXY plant thanks to a variety of strategic contracts in all of AFYREN’s priority markets
CLERMONT-FERRAND, Franciaország és LYON, Franciaország – (BUSINESS WIRE) – Szabályozási hírek:
AFYREN (Paris:ALAFY), a greentech company that provides manufacturers with bio-based and low-carbon products thanks to its fermentation technology based on a completely circular model, today announced its results for the first half of the current fiscal year, ended June 30, 2022, and approved by the Board of Directors on September 27, 20221.
Nicolas SORDET, CEO of AFYREN declares: "After a year 2021 full of challenges and achievements, this first half-year was the opportunity to pursue and implement our commercial, industrial and CSR strategy. The industrial commissioning of our AFYREN NEOXY plant on the Carling Saint-Avold site was carried out according to the announced schedule and within budget. Over the last few months, we have also built up a diversified portfolio of customers, made up of well-known players in all our target markets. Thanks to these assets and committed to our commitments, we are studying with the highest attention the establishment of a second international plant and confirm our commercial and financial targets. Finally, at the end of a summer during which climate change was top-of-mind worldwide, we are more than ever ideally positioned and committed to helping our customers reduce their impact on the environment. "
Key financial information as of June 30, 2022
In €k |
2022.06 |
2021.06 |
Change in % of total |
Értékesítés |
1,763 |
1,522 |
+ 16% |
Including license and development of industrial know-how |
708 |
708 |
- |
Including other services |
1,054 |
814 |
+ 29% |
Egyéb bevételek |
234 |
122 |
+ 91.8% |
Purchases and external expenses |
(1,210) |
(514) |
(135.4%) |
Bérszámfejtési költségek |
(3,024) |
(1,652) |
(83.1%) |
Other expenses and amortization |
(343) |
(334) |
(2.7%) |
Működési bevétel |
(2,580) |
(856) |
(201.4%) |
Nettó pénzügyi bevétel |
(160) |
(222) |
+ 27.9% |
Share in net income of equity-accounted entities |
(1,420) |
(463) |
(206.7%) |
Nettó jövedelem |
(4,160) |
(1,540) |
(170.1%) |
Sales in H1 2022 increased by 16% to €1.76 million. Sales generated by the licensing agreement amounted to €0.71 million in H1 2022, unchanged from H1 2021. They come exclusively from the lump sum portion of the know-how license granted to AFYREN NEOXY in December 2018. Other services of €1.05 million, up +29% year-on-year, correspond to services invoiced by the Company to AFYREN NEOXY under the agreements signed between the two companies.
Other income amounted to €0.2 million in H1 2022 compared to €0.1 million in H1 2021. They mainly comprise operating subsidies (including in particular the research tax credit) and investment subsidies received.
Current operating expenses amounted to €4.6m compared to €2.5 million on 30 June 2021, an increase of +83% to €2.1 million resulting mainly from the increase in payroll costs (+€1.4 million) and external purchases and expenses (+€0.7 million).
Thus, with the start-up phase of the AFYREN NEOXY plant and the preparation of the next plants, the Company logically recorded a drop in its operating profit as of June 30, 2022, to €-2.58 million.
Net financial expense was €0.2 million in H1 2022, mainly due to interest expenses related to the Company’s financial debt and interest related to IFRS restatements.
The share held in the result of AFYREN NEOXY amounts to €-1.4 million on June 30, 2022, against €-0.5 million on June 30, 2021. This evolution is mainly explained by the recruitment of the staff necessary for the operation of the plant.
Finally, the net result is €-4.2 million on June 30, 2022, against €-1.5 million on June 30, 2021. This net loss is in line with the Company’s expectations, in a phase where AFYREN and AFYREN NEOXY teams are fully mobilized for the start-up of the first plant and the preparation of the next ones.
Balance sheet as of 30 June 2022
As of June 30, 2022, AFYREN benefits from a solid balance sheet, as its shareholders’ equity amounts to €88.9 million, i.e. +159% compared to the first half of 2021 (mainly linked to the capital increase in the framework of the IPO in September 2021) and slightly down by -4.5% compared to December 31, 2021.
Cash and cash equivalents amounted to €64.83 million as of June 30, 2022, mainly including funds raised in connection with AFYREN’s IPO in September 2021.
Gross financial debt amounted to €8.6 million as of June 30, 2022, including borrowings and lease liabilities.
As a result, the net cash position was €56.23 million as of June 30, 2022.
H1 2022 Főbb jellemzők
Tevékenység
In line with the announced schedule and budget, the industrial commissioning of the AFYREN NEOXY plant, AFYREN’s first large-scale plant, was initiated in March. The industrial unit has since entered the start-up phase, consisting of tests for the gradual commissioning of the various equipment before the actual launch of production.
In May, AFYREN once again demonstrated the relevance of its biosourced, circular and low-carbon offer by signing a strategic contract for the supply of an organic acid from the AFYREN NEOXY range in animal nutrition.
Finally, at the end of May, AFYREN launched new brands for its biobased products in its target markets, offering competitive, high-performance solutions for manufacturers who are increasingly demanding more environmentally friendly alternatives.
CSR
Following several months of reflection and consultation, AFYREN has defined and formalized its Purpose: “We enable low-carbon, circular industry by providing biobased solutions built with our partners to benefit the environment“. The Company’s CSR approach is also supported by a statement defining the Company’s ambitions, values, and major commitments, as well as by a new extra-financial rating, up 11 points on the previous year.
kormányzási
The Annual General Meeting of shareholders held on 15 June 2022 approved all of the proposed resolutions, and in particular the appointments to the Board of Directors of Mrs. Patrizia MARRAGHINI as an independent Director and Chairwoman of the Audit Committee and Mrs. Caroline LEBEL as a Director.
Post-closing highlights (30 June 2022)
In July, the Board of Directors authorized the creation of a CSR Committee composed of Ms. Caroline LEBEL, Director, as Chairwoman of the CSR Committee, as well as Ms. Patrizia MARRAGHINI, independent Director, and Mr. Nicolas SORDET, Director and Chief Executive Officer of the company.
In August, AFYREN signed two strategic contracts with players in the cosmetics and nutraceuticals markets. As a result, AFYREN now has signed contracts for its entire portfolio of acids in all of its priority markets. The Company has also pre-sold more than 70% of AFYREN NEOXY’s targeted production volume of organic acids.
Outlook and financial objectives
AFYREN is currently studying the implementation of the plant n°2 for a commissioning at the end of 2024, in particular by the analysis of the various scenarios on several raw materials, in North America and in Asia, by the discussions in progress with potential partners and by the evaluation of the structuring of the financing. These analyses take into account the climate issues and possible opportunities to access an available and low-value raw material through partnership agreements, in order to optimize the carbon impact of the AFYREN solution. These analyses include feasibility studies (in terms of logistics, energy, CO2 impact, security of supply, and customer proximity) which will be used to confirm the deployment schedule.
In the longer term, and with two complementary plants (plant n°2 and n°3), AFYREN reaffirms its outlook and financial objectives:
- To have an annual production capacity of more than 70,000 tons by 2026
- To reach a positive adjusted current EBITDA margin for AFYREN NEOXY by 2023, and a positive current EBITDA margin for AFYREN by 20252
- Achieve a recurring EBITDA margin at Group level of around 30% in 2027 with sales in excess of €150 million3
Availability of the 2022 Half-Year Financial Report
The Company has made available to the public and filed with the Autorité des marchés financiers its 2022 half-year financial report on September 27, 2022.
Az AFYREN-ről
A 2012-ben alapított AFYREN a termelési láncban a kőolajszármazékok felhasználásának csökkentésére irányuló iparágak növekvő igényének kielégítésére alapított, nem élelmiszeripari biomassza újrafelhasználásából származó biomolekulákat állít elő. Ezeket az összetevőket széles körben használják emberi és állati takarmányozásban, íz- és illatanyagokban, kozmetikumokban és finom vegyszerekben. Ez a gyártási folyamat megismétli az egyenértékű kőolajból származó molekulák pontos tulajdonságait, amelyeket nagyrészt az emberi és állati takarmányozásban, a kozmetikumokban, az íz- és illatanyagokban, valamint a finomvegyiparban használnak.
Azáltal, hogy természetes alternatívákat kínál ezekre a stratégiai piacokra, az AFYREN alacsony szén-dioxid-kibocsátású gazdaságot folytat, és valóban körkörös megközelítést javasol a helyi biomassza felhasználásával és a stratégiai helyszín kiválasztásával, a lehető legközelebb ügyfeleihez.
A 10 éves kutatás eredményeként az AFYREN bomlasztó innovációja megnyerte a 2030-as globális innovációs versenyt a „Növényi fehérjék és növényi kémia” kategóriában, 120-ban és 2020-ben pedig beválasztották a French Tech 2021 versenyre.
2018-ban az AFYREN elkötelezte magát ipari projektje mellett az AFYREN NEOXY vegyesvállalat létrehozásával a Bpifrance SPI-alapjával. Az AFYREN NEOXY az AFYREN természetes szerves savak első ipari gyártása a Grand Est régióban.
2022-ben nyitotta meg kapuit az AFYREN NEOXY gyár. Az AFYREN és az AFYREN NEOXY jelenleg közel 100 embert foglalkoztat Lyonban, Clermont-Ferrandban és Carling Saint-Avoldban.
2021-ben az AFYREN az Euronext Growth listán szerepel® tőzsde Párizsban ipari fejlődésének felgyorsítása céljából (Afyren ISIN: FR0014005AC9, ticker: ALAFY).
További információ: AFYREN.com
FÜGGELÉK
INCOME STATEMENT – as of June 30, 2022
In €k |
2022.06 |
2021.06 |
Értékesítés |
1,763 |
1,522 |
Egyéb bevételek |
234 |
122 |
Purchases and external expenses |
(1,210) |
(514) |
Bérszámfejtési költségek |
(3,024) |
(1,652) |
Amortization of capital assets and rights of use |
(301) |
(311) |
Other expenses and amortization |
(42) |
(23) |
Működési bevétel |
(2,580) |
(856) |
Pénzügyi jövedelem |
14 |
0 |
Pénzügyi kiadások |
(174) |
(222) |
Nettó pénzügyi eredmény |
(160) |
(222) |
Share in the result of companies accounted for by the equity method |
(1,420) |
(463) |
Adózás előtti profit |
(4,160) |
(1,540) |
Jövedelemadó |
0 |
0 |
Nettó jövedelem |
(4,160) |
(1,540) |
|
|
|
Egy részvényre jutó eredmény |
|
|
Basic earnings per share (in euros) |
(0.16) |
(0.64) |
Diluted earnings per share (in euros) |
(0.16) |
(0.64) |
BALANCE SHEET – as of June 30, 2022
In €k |
2022.06 |
2021.12 |
|
|
|
Immateriális javak |
3,585 |
3,760 |
Ingatlanok, gépek és berendezések |
296 |
139 |
Használati jogok |
109 |
148 |
Investments in equity affiliates |
18,753 |
20,171 |
Tartós pénzügyi eszközök |
28 |
28 |
Tartós eszközök |
22,771 |
24,246 |
|
|
|
Vevőkövetelések |
480 |
622 |
Forgó pénzügyi eszközök |
146 |
230 |
Egyéb forgóeszközök |
641 |
923 |
Készpénz és készpénznek megfelelő eszközök |
64,831 |
67,128 |
Forgóeszközök |
66,098 |
68,903 |
Összes eszköz |
88,869 |
93,149 |
2022.06 |
2021.12 |
|
|
|
|
|
|
|
Részvénytőke |
515 |
515 |
Issue premium |
85,069 |
85,069 |
Tartalékok |
(919) |
(986) |
Megtartott eredmény |
(5,828) |
(3,133) |
Az időszak nettó jövedelme |
(4,160) |
(3,609) |
A Társaság tulajdonosainak tulajdonítható saját tőke |
74,677 |
77,856 |
|
|
|
Non-current borrowings and financial liabilities |
3,831 |
7,957 |
Hosszú lejáratú lízingkötelezettségek |
12 |
42 |
Defined benefit liabilities |
59 |
73 |
Tartós céltartalékok |
14 |
14 |
Non-current deferred income (customer contract liabilities) |
1,981 |
2,640 |
Non-current deferred income (grants) |
959 |
990 |
Tartós kötelezettségek |
6,855 |
11,717 |
|
|
|
Current borrowings and financial liabilities |
4,671 |
847 |
Aktuális lízingkötelezettségek |
90 |
103 |
Kereskedő fizetendő |
427 |
513 |
Current deferred income (customer contract liabilities) |
1,295 |
1,272 |
Egyéb rövid lejáratú kötelezettségek |
853 |
841 |
Rövid lejáratú kötelezettségek |
7,337 |
3,576 |
|
|
|
Összes kötelezettség |
14,192 |
15,293 |
|
|
|
Saját tőke és kötelezettségek összesen |
88,869 |
93,149 |
CASH FLOW STATEMENT – as of 30 June 2022
In €k |
2022.06 |
2021.06 |
|
|
|
Az időszak nettó jövedelme |
(4,160) |
(1,540) |
|
|
|
Kiigazítások ehhez: |
|
|
– Amortization of capital assets and rights of use |
301 |
311 |
– Net financial result |
160 |
222 |
– Share in the result of the company accounted for using the equity method (net of tax) |
1,420 |
463 |
– Cost of share-based payment |
1,033 |
145 |
– Income tax |
(0) |
0 |
Total eliminations of non-cash expenses and income |
2,914 |
1,140 |
Teljes cash flow |
(1,246) |
(400) |
Változások: |
|
|
– Trade receivables |
142 |
(66) |
– Customer contract liabilities |
(636) |
(613) |
– Trade payables |
(106) |
(12) |
– Provisions and employee benefits |
16 |
6 |
– Other current receivables/payables |
295 |
(230) |
Összes változás |
(290) |
(916) |
A működési tevékenységből származó cash flow |
(1,536) |
(1,316) |
Befizetett adók |
- |
- |
A működési tevékenységekből származó nettó készpénz |
(1,536) |
(1,316) |
Acquisition of tangible and intangible assets, excluding development costs |
(198) |
(525) |
Aktivált fejlesztési kiadások |
(17) |
(140) |
Investment subsidies (incl. CIR offsetting capitalized costs) |
(31) |
79 |
Kapott kamat |
14 |
- |
A befektetési tevékenységben felhasznált nettó készpénz |
(232) |
(586) |
Cash receipts from new loans and financial debts |
76 |
201 |
Repayment of loans and financial debts |
(274) |
(211) |
Payment of rental debts |
(52) |
(61) |
Az átváltoztatható kötvényekre fizetett kamat |
(178) |
(178) |
Interest paid on loans and financial debts |
(99) |
(115) |
Interest paid on rental debts |
(1) |
(3) |
A finanszírozási tevékenységekben felhasznált nettó készpénz |
(528) |
(367) |
|
|
|
Pénzeszközök és pénzeszköz-egyenértékek nettó változása |
(2,297) |
(2,269) |
Pénzeszközök és pénzeszköz-egyenértékesek január 1-jénst |
67,128 |
9,508 |
Effect of exchange rate changes on cash held |
|
|
Pénzeszközök és pénzeszköz-egyenértékesek június 30-án |
64,831 |
7,239 |
1 Limited review by the auditor, report in progress
2 Recurring EBITDA is defined at Company level and reflects recurring operating income adjusted for depreciation, amortization and net impairment of property, plant and equipment and intangible assets. Restated current EBITDA is defined at the level of the production units and reflects current operating income adjusted for depreciation, amortization and net impairment of property, plant and equipment and intangible assets, and, where applicable, for the annual flat-rate portion of royalties relating to the remuneration of a technology license granted by Afyren (including the fixed and variable portions).
3 Revenues in excess of €150 million reflect the combined revenues of the production units
Kapcsolatok
AFYREN
Pénzügyi menedzsment
Maxime Cordonnier
NewCap
Befektetői kapcsolatok
Théo Martin / Mathilde Bohin
Telefon: 01 44 71 94 94
NewCap
Médiakapcsolatok
Nicolas Merigeau / Gaëlle Fromaigeat
Telefon: 01 44 71 94 98
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