PRESS RELEASE
Global Bioenergies: strong reduction of the loss in 2023 thanks to a significant
increase in commercial activity
* Sales exceeding EUR3M for the first time
* Consolidated net loss significantly improved to -EUR8.7M compared to -EUR12M in
2022
* Gross cash position of EUR11.7M at 31 December 2023 compared to EUR8.8M the
previous year
* Successful commercialization of the first tons of Isonaturane(TM) 12 to several
customers including L'Oréal
* ASTM certification received for the production of sustainable aviation fuels
* Continued collaboration with Shell for the development of low-carbon road
fuels
* Major government funding granted, totalling EUR21M notably for the
construction of the cosmetics plant
* Key personnel recruitment, in particular an Industrial Director and a Chief
Business Officer
* Progress in CSR approach: EcoVadis bronze medal and 30% reduction in
electricity consumption at the Evry premises in two years
Evry, 6 March 2024 - 5:45pm CET: The Board of Directors of Global Bioenergies
held yesterday approved the 2023 annual accounts, which show that the loss has
been significantly reduced at EUR8.7 million(1).
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, comments: "2023
is marked by strong sales growth, reaching a record level of over EUR3 million,
and by a significant improvement in net income. This performance reflects the
major progresses made by the Group in 2023. On the cosmetics side, we were able
to meet our customers' expectations by delivering our first commercial batches.
On the aviation side, ASTM certification has propelled our innovation into the
very select circle of technologies that can be used in all airplanes worldwide.
To support these efforts, the Group obtained EUR21 million in financial support
from the government, including EUR4.8 million received to date; financial
visibility is ensured for 2024."
Marc Delcourt, co-founder and Chief Executive Officer of Global Bioenergies,
adds: " Building on these achievements and the resources at its disposal, the
Group is now fully focused on realizing its ambitions: financing and building
its future plant to address the cosmetics sector on the one hand, and executing
its roadmap to maximize the value of our innovation in sustainable aviation
fuels (SAF) on the other. We bring unique breakthrough technologies to each
area, always with the same objective: to move away from fossil resources,
maintain performance and build a sustainable world together."
* Group Profit & Loss Account
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EUR thousands from 01/01/23 from 01/01/22 from 01/01/21
to 30/12/2023 to 31/12/2022 to 31/12/2021
12 months 12 months 12 months
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Operating income 8,910 1,715 3,881
Sales 3,249 698 101
Operating subsidies 2,698 895 3,024
Change in inventory of finished
products 1,530 -118 731
Other 1,432 240 25
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Operating expenses 18,621 14,907 17,229
Operating profit (loss) -9,711 -13,192 -13,348
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EBITDA -6,878 -11,383 -11,093
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Financial profit 107 -95 -131
Profit before tax -9,604 -13,287 -13,479
Non-recurring items -239 -147 -2
Income tax -1,187 -1,447 -1,708
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Net income (loss) -8,656 -11,986 -11,773
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Revenue was EUR3.2 million for the 2023 financial year, a sharp increase compared
to previous years, following the delivery of the first orders of several tons of
Isonaturane(TM) 12. Grant income is also up thanks to the successes of two major
European research programs, Rewofuel and Optisochem. At the same time, Global
Bioenergies received financial support from ADEME for the Prénidem project,
which enabled the Company to record EUR0.8 million in grant income over the 2023
financial year.
Details of operating expenses
(EUR thousands) 2023 2022 2021
Personnel 4,553 4,287 4,091
Industrialization/Commercialization 8,778 6,713 8,117
Laboratory 346 343 680
Rentals and maintenance 1,034 850 834
Intellectual property 390 323 562
Amortization 1,590 703 1,474
Other 1,931 1,688 1,471
TOTAL 18,621 14,907 17,229
Operating expenses are increasing with the production of several tons of
Isonaturane(TM) 12, and amortization charges are up sharply following the
commissioning of the Pomacle industrial production facility during 2022.
? Group Balance Sheet
----------------------------------------- ---------------------------------------
Assets (EUR Liabilities
thousands) 31/12/21 (EUR
31/12/23 31/12/22 thousands) 31/12/23 31/12/22 31/12/21
----------------------------------------- ---------------------------------------
Intangible Capital
assets 327 539 800 906 749 743
Tangible Share
assets 2,471 3,612 637 premium 10,538 16,029 29,289
Assets under Balance
construction carried
77 401 1,897 forward -2,769 -2,708 -4,697
Financial Profit
assets 341 1,546 1,544 (loss) -8,656 -11,986 -11,773
Equipment
subsidies 2,758 463 -
----------------------------------------- ---------------------------------------
NON-CURRENT EQUITY
ASSETS 3,217 6,097 4,879 2,778 2,547 13,562
----------------------------------------- ---------------------------------------
---------------------------------------
IBN and
derivatives PROVISIONS
inventories 219 2,342 1,793 53 110 61
---------------------------------------
Consumables
inventories 350 250 250
Conditional
Receivables advances
2,247 3,647 3,524 and loans 12,451 11,486 12,454
Cash Trade
11,673 8,768 20,931 payables 2,411 5,580 3,520
Tax and
Marketable social
securities security
171 173 147 liabilities 559 502 1,185
Other debts
Prepaid and
expenses deferred
378 300 261 income 3 1,352 1,003
----------------------------------------- ---------------------------------------
PAYABLES
CURRENT and
ASSETS DEFERRED
15,038 15,480 26,907 INCOME 15,423 18,921 18,163
----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
TOTAL ASSETS TOTAL
18,254 21,577 31,785 LIABILITIES 18,254 21,577 31,785
----------------------------------------- ---------------------------------------
The balance sheet shows an increasing cash position reaching EUR11.7 million as of
31 December 2023, ensuring the financial visibility of the Company for the
entire 2024 financial year. Furthermore, the collection of the first tranche of
the financing granted by the French government as part of the France 2030 plan
for the construction of the world's first full-size biosourced isobutene plant
(EUR4.1 million) leads to an increase in the equipment subsidies item.
* 2023 highlights and recent events
Successful commercialization of the first tons of Isonaturane(TM) 12 to several
customers including L'Oréal
In the first half of 2023, Global Bioenergies successfully supplied several tons
of Isonaturane(TM) to major players in the cosmetics industry, including L'Oréal.
As a reminder, Isonaturane(TM) is the first equivalent of natural origin to fossil
isododecane, one of the most widely used ingredients in cosmetics. In both cases
the structure of the molecule is the same, only its origin differs. Thanks to
this unique innovation, cosmetic products, from make-up to skincare, gain in
naturalness while guaranteeing customers the same level of performance.
These first sales initiate the scale-up of Global Bioenergies, which is now
focusing on building a full-size plant to significantly increase the quantities
produced and be able to address ever larger markets. In this context, the
Company has decided not to continue the activities of its brand LAST(TM). This
brand, a showcase for the Company launched in 2021, made it possible to
demonstrate the quality of its ingredients and to understand the complex
cosmetics market. Its mission is now accomplished and the Company is now
directing all its efforts towards its larger-scale projects.
ASTM certification received for the production of sustainable aviation fuels
As a reminder, the airline industry requires the fuel used in airplanes to be
ASTM certified. Sustainable aviation fuels also undergo this complex, multi-year
process, according to the ASTM D7566 standard. This standard allows them to be
considered as 'drop-in' fuels, meaning they can be blended with fossil kerosene
and used safely in existing airplanes and infrastructures worldwide.
In June 2023, Global Bioenergies obtained this ASTM certification for its
sustainable aviation fuels production technology. This is the starting point for
the Company to position itself in the emerging SAF market, where many questions
remain unanswered: Which technologies will be the most mature? Which
technologies will be the most commercially competitive? What will be the
production capacities able to meet the immense production volumes demanded by
the RefuelEU regulations? Current production does not exceed 500,000 tons,
whereas more than 12 million tons are expected to be needed worldwide by 2030,
and will have to be multiplied by a ten-fold factor by 2050.
Major public funding granted, notably for the construction of the first full-
scale biobased isobutene plant
The year 2023 was also marked by the very strong support of the French
government in the pursuit of the Company's activities. With the signing of the
so-called "Prénidem" project in March 2023, ADEME is once again supporting the
Group's technological optimization activities to the tune of EUR4.4 million. The
French government then granted Global Bioenergies a EUR16.4 million package (in
the form of subsidies and repayable advances) to build the world's first full-
scale biobased isobutene plant, designed to produce ingredients for the
cosmetics industry. The first tranche of financing, amounting to EUR4.1 million,
was received at the end of 2023.
Continued collaboration with Shell in the development of low carbon road fuels
At the beginning of 2023, the Company signed an extension to the collaboration
agreement established the previous year with Shell for low-carbon road fuel
production pathways. Following the conclusions of this research, a new phase of
collaboration was initiated in January 2024 to support a specific technology
pathway.
Continuing to structure teams
In order to support and accelerate the evolution of its activities towards
industry and commercialization, the Company has recruited several new positions.
On the industrial side, an experienced Industrial Director and an LCA Project
Manager have been recruited to carry out our future plant project in accordance
with our environmental convictions. On the commercial side, the recruitment of a
Chief Business Officer and a Quality Manager allow the Company to meet the
expectations of our customers.
Progress of our CSR approach: EcoVadis bronze medal and concrete actions
For its first evaluation, Global Bioenergies has reached the top 30% of the best
performing companies in terms of CSR among the 110,000 companies evaluated
worldwide by the rating agency. This award recognizes the CSR approach adopted
by the entire company over the last few years, which has led to a 30% reduction
in electricity consumption at the Evry laboratory between 2021 and 2023. In
2023 alone, the savings of 100 MWh are equivalent to the private consumption of
all Global Bioenergies employees.
Increase in the resources allocated to the liquidity contract with the brokerage
firm Gilbert Dupont
Under the liquidity contract entrusted by Global Bioenergies to the brokerage
firm Gilbert Dupont, an additional contribution of EUR50,000 was made on 6 March
2024.
As a reminder, on the full-year report of 29 December 2023, the following assets
appeared on the liquidity account:
* Number of shares: 11,427
* Cash balance of the liquidity account: EUR16,691.74
About GLOBAL BIOENERGIES
Global Bioenergies substitutes products of fossil origin with products of
natural origin. In their quest for naturalness without compromising on
performance, the cosmetics players are the Company's first customers. By 2027,
the Company will be operating its innovative process in a large-scale plant. By
2030, the Company plans to become a leader in the huge emerging market for
sustainable aviation fuels, in order to fight against global warming. Global
Bioenergies is listed on Euronext Growth in Paris (FR0011052257 - ALGBE).
L'Oréal is its largest shareholder, with a 13.5% stake.
Contacts
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(1) The accounts were audited by the Statutory Auditor. The annual financial
report will be published by April and the accounts will be certified at the same
time.
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