AFYREN اپنے 2022 کے ششماہی کے نتائج شائع کرتا ہے۔

• 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, France & LYON, France–(بزنس وائر)–ریگولیٹری خبریں:

افائرین (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
سیلز	1,763	1,522	+ 16٪
Including license and development of industrial know-how	708	708	-
Including other services	1,054	814	+ 29٪
دوسری آمدنی	234	122	+ 91.8٪
خریداریاں اور بیرونی اخراجات	(1,210)	(514)	(135.4٪)
پےرول لاگت	(3,024)	(1,652)	(83.1٪)
Other expenses and amortization	(343)	(334)	(2.7٪)
آپریٹنگ آمدنی	(2,580)	(856)	(201.4٪)
خالص مالی آمدنی	(160)	(222)	+ 27.9٪
Share in net income of equity-accounted entities	(1,420)	(463)	(206.7٪)
نیٹ آمدنی	(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 Highlights

سرگرمی

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.

گورننس

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:

1. To have an annual production capacity of more than 70,000 tons by 2026
2. To reach a positive adjusted current EBITDA margin for AFYREN NEOXY by 2023, and a positive current EBITDA margin for AFYREN by 2025²
3. 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.

AFYREN کے بارے میں

Founded in 2012 to meet the growing need of industries to reduce the use of petroleum derivatives in their production chain, AFYREN produces biomolecules derived from the reuse of non-food biomass. These ingredients are widely used in human and animal nutrition, flavors and fragrances, cosmetics, and fine chemicals. This production process replicates the exact properties of equivalent petro-sourced molecules, largely used in the human and animal nutrition, cosmetics, flavors and fragrances and fine chemicals sectors.

By offering natural alternatives to these strategic markets, AFYREN is engaged in a low-carbon economy and proposes a truly circular approach with the use of local biomass and the choice of a strategic location, as close as possible to its customers.

Resulting from 10 years of research, AFYREN’s disruptive innovation won the 2030 Global Innovation Contest in the “Plant proteins and plant chemistry” category and was selected in the French Tech 120 in 2020 and 2021.

In 2018, AFYREN committed to its industrial project by creating the AFYREN NEOXY joint venture with Bpifrance’s SPI fund. AFYREN NEOXY is dedicated to the first industrial production of AFYREN natural organic acids in the Grand Est region.

In 2022, the AFYREN NEOXY factory opened its doors. AFYREN and AFYREN NEOXY now employ nearly 100 people at their sites in Lyon, Clermont-Ferrand and Carling Saint-Avold.

2021 میں، AFYREN Euronext Growth پر درج ہوا۔^® exchange in Paris with the objective of accelerating its industrial development (Afyren’s ISIN: FR0014005AC9, ticker: ALAFY).

For more information: AFYREN.com

APPENDIX

INCOME STATEMENT – as of June 30, 2022

In €k	2022.06	2021.06
سیلز	1,763	1,522
دوسری آمدنی	234	122
خریداریاں اور بیرونی اخراجات	(1,210)	(514)
پےرول لاگت	(3,024)	(1,652)
Amortization of capital assets and rights of use	(301)	(311)
Other expenses and amortization	(42)	(23)
آپریٹنگ آمدنی	(2,580)	(856)
مالی آمدنی	14	0
مالی اخراجات۔	(174)	(222)
خالص مالیاتی نتیجہ	(160)	(222)
Share in the result of companies accounted for by the equity method	(1,420)	(463)
منافع قبل از محصول	(4,160)	(1,540)
انکم ٹیکس	0	0
نیٹ آمدنی	(4,160)	(1,540)
فی آمدنی آمدنی
بنیادی آمدنی فی حصص (یورو میں)	(0.16)	(0.64)
کمائی فی حصص (یورو میں)	(0.16)	(0.64)

BALANCE SHEET – as of June 30, 2022

In €k	2022.06	2021.12
غیر مادی اثاثے	3,585	3,760
پراپرٹی ، پلانٹ اور سامان	296	139
استعمال کے حقوق	109	148
Investments in equity affiliates	18,753	20,171
غیر موجودہ مالی اثاثے	28	28
غیر موجودہ اثاثے	22,771	24,246
تجارتی قابل وصول	480	622
موجودہ مالیاتی اثاثے۔	146	230
دوسرے موجودہ اثاثے	641	923
نقد رقم اور مساوی رقم	64,831	67,128
موجودہ اثاثہ جات	66,098	68,903
کل اثاثوں	88,869	93,149

	2022.06	2021.12
دارالحکومت شیئر کریں	515	515
Issue premium	85,069	85,069
ذخائر	(919)	(986)
آمدنی برقرار رکھی	(5,828)	(3,133)
مدت کے لیے خالص آمدنی	(4,160)	(3,609)
کمپنی کے مالکان سے منسوب ایکویٹی	74,677	77,856
غیر موجودہ قرضے اور مالی ذمہ داریاں	3,831	7,957
غیر موجودہ لیز واجبات۔	12	42
متعین فائدے کی ذمہ داریاں	59	73
غیر موجودہ دفعات	14	14
غیر موجودہ موخر آمدنی (کسٹمر کنٹریکٹ واجبات)	1,981	2,640
Non-current deferred income (grants)	959	990
غیر موجودہ واجبات	6,855	11,717
موجودہ قرضے اور مالی ذمہ داریاں	4,671	847
موجودہ لیز واجبات۔	90	103
قابل تجارت تجارت	427	513
موجودہ موخر آمدنی (کسٹمر کنٹریکٹ واجبات)	1,295	1,272
موجودہ دیگر واجبات	853	841
موجودہ قرضوں	7,337	3,576
کل واجبات	14,192	15,293
کل ایکویٹی اور واجبات	88,869	93,149

CASH FLOW STATEMENT – as of 30 June 2022

In €k	2022.06	2021.06
مدت کے لیے خالص آمدنی	(4,160)	(1,540)
Adjustments for :
– 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
کل نقد بہاؤ۔	(1,246)	(400)
میں تبدیلیوں:
– 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)
Total changes	(290)	(916)
آپریٹنگ سرگرمیوں سے کیش فلو۔	(1,536)	(1,316)
ٹیکس ادا کیا۔	-	-
آپریٹنگ سرگرمیوں سے خالص نقد۔	(1,536)	(1,316)
Acquisition of tangible and intangible assets, excluding development costs	(198)	(525)
سرمایہ دارانہ ترقیاتی اخراجات	(17)	(140)
Investment subsidies (incl. CIR offsetting capitalized costs)	(31)	79
سود موصول ہوا۔	14	-
سرمایہ کاری کی سرگرمیوں میں خالص نقد استعمال ہوتا ہے	(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)
Interest paid on convertible bonds	(178)	(178)
Interest paid on loans and financial debts	(99)	(115)
Interest paid on rental debts	(1)	(3)
مالیاتی سرگرمیوں میں استعمال ہونے والی خالص نقد رقم	(528)	(367)
نقد اور نقد مساوات میں خالص تبدیلی	(2,297)	(2,269)
Cash and cash equivalents at January 1st	67,128	9,508
Effect of exchange rate changes on cash held
Cash and cash equivalents as of June 30	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

رابطے

افائرین
مالی انتظام
میکسم کورڈونیئر

investisseurs@afyren.com

نیو کیپ
انویسٹر ریلیشنز
تھیو مارٹن / میتھیلڈ بوہین

فون: 01 44 71 94 94

afyren@newcap.eu

نیو کیپ
میڈیا ریلیشنز
نکولس میریگیو / گیل فرومائیگیٹ

فون: 01 44 71 94 98

afyren@newcap.eu