Global Bioenergies:Financial Results as of December 31st, 2012 Strong revenue growth Controlled increase of expenses Cash provides leeway in operations going forward Business Wire EVRY, France -- April 24, 2013 Regulatory News: Global Bioenergies (NYSE Alternext Paris: ALGBE), the industrial biology company that develops sustainable routes to light olefins, publishes audited annual results for the financial year ending December 31^st, 2012. Results were approved by the Board of Directors on April 24^th, 2013. *Annual results, December 31^st, 2012 from from from 01/07/12 01/01/12 01/07/11 In €K until 31/12/12 Variation until until (6 months) 30/06/12 30/06/12 (6 months) (12 months) ^ 1 Revenues 1,794 x10 184 284 Operating expenses 2,991 + 26% 2,377 4,233 Operating -1,197 -2,194 -3,950 profit/loss Net profit/loss -250 -2,169 -3,505 In €K As of December As of June 31^st 2012 30^th 2012 Shareholder’s Equity 6,472 3,952 Cash and marketable 6,291 4,093 securities Total assets and 9,328 5,799 liabilities *Financial results and financial situation A change in the financial year closing date, from June 30^th to December 31^st, has been decided at the General Assembly held on December 6^th, 2012. Therefore, the financial period ending December 31^st, 2012 only covers 6 months of activity. The 1.8 million euros in revenue are therefore to be compared to the 251,000 euros accounted for during the 2011-12 fiscal year (12 months duration). The revenue is comprised of a 1.5 million euro success fee and a 0.3 million euro payment, linked to the first and second phases of the Synthos partnership on the butadiene program, respectively. GLOBAL BIOENERGIES operating revenues have been multiplied by a factor of 10 over one semester and exceed 1 million euros for the first time. Operating expenses amount to 3 million euros, representing a 26% increase from the previous semester. This increase reflects the intensification of R&D efforts and the beginning of chemical engineering studies that precede the construction of the industrial pilot. R&D tax credits (“Crédit d’Impôt Recherche”, or CIR) amount to 0.9 million euros and correspond to the 2012 calendar year. These were therefore entirely accounted for in the fiscal year ending December 31^st, 2012. The increase in R&D expenses was compensated by the large increase in revenues and allows GLOBAL BIOENERGIES to limit net losses to 250,485 euros for the 6 month period ending December 31^st, 2012. This loss must be compared to the 2.2 million euro net loss registered over the previous semester and the 3.5 million euro net loss for the 12 months period ending June 30^th, 2012. Over this last fiscal year, GLOBAL BIOENERGIES has continued to strengthen its shareholder’s equity which now amounts to 6.5 million euros as of December 31^st, 2012. The Company has carried out one capital increase through a public offering which ended July 4^th, 2012. As of December 31^st, 2012, the Company has not contracted any debt financing. Net cash position (excluding refundable advances obtained from OSEO (€0.8m)) reached 5.4 million euros as of December 31^st, 2012 and 4.8 million euros as of March 31^st, 2013^2. Available gross cash position therefore reached 6.2 million euros as of December 31^st, 2012 and 5.6 million euros as of March 31^st, 2013. Liliane Bronstein, Chief Financial Officer of GLOBAL BIOENERGIES declares: “Revenues obtained over the period ending December 31^st, 2012 were significant and covered 60% of the operating expenses. We do not expect this situation to be recurrent at this stage since the company will continue intensifying its R&D efforts. In this context I would like to remind you that profitability is not a short term objective for the Company”. *Key facts and recent events A 3 million euro capital increase by public offering GLOBAL BIOENERGIES has called upon the stock market through a public offering that ended July 4^th, 2012. 3 million euros were raised and the operation was achieved without discount based on a 19.80 euro share price. Receiving the EuropaBio prize On September 19^th, 2012, GLOBAL BIOENERGIES was awarded “the most innovative European biotech SME” by EuropaBio, an organization representing more than 1,800 biotech companies in Europe. Opening the way to propylene GLOBAL BIOENERGIES has demonstrated a novel metabolic pathway that enables the direct conversion of renewable resources to propylene -- one of the main building blocks of the petrochemical industry. Propylene represents an existing market of $93 billion^3. Success fee received on Butadiene program in December 2012 GLOBAL BIOENERGIES has opened the way to bio-sourced butadiene and hit the first milestone in its partnership with SYNTHOS. Achieving this milestone triggered the payment of a 1.5 million euro success fee; it also corresponded to the successful termination of the first phase of the butadiene program. Development of the Butadiene program and additional collaboration payments As part of the SYNTHOS agreement on butadiene, GLOBAL BIOENERGIES anticipates the payment of further development fees from its partner. In this context an initial 1.17 million euro payment was received in February 2013. Marc Delcourt, CEO of GLOBAL BIOENERGIES concludes: “We continue the development of the isobutene process at lab scale and very concretely prepare the next phase dedicated to the installation of an industrial pilot and the production of ton scale isobutene samples. Today, we confirm the original schedule which sets the beginning of this phase for July 1^st, 2013.” 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 yield of its process and prepares the phase dedicated to industrial pilot testing. The company recently replicated this success to propylene and butadiene and is also looking to continue with other members of the gaseous olefins family, key molecules at the heart of petrochemical industry. Global Bioenergies is listed on NYSE Alternext Paris (FR0011052257 – ALGBE). Should you like to be kept informed, subscribe to our news feed on www.global-bioenergies.com ^1 Non audited pro-forma accounts. ^2 Data as of March 31^st, 2013 is non-audited. ^3 Nexant and Platts Contact: GLOBAL BIOENERGIES Liliane BRONSTEIN – CFO Tel : + 33 (0) 1 64 98 20 50 E-mail : firstname.lastname@example.org
Global Bioenergies: Financial Results as of December 31st, 2012
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