GLOBAL BIOENERGIES reports 2014 financial results
- 9 April 2015
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For the first time, Global Bioenergies voluntarily presents consolidated financial results thereby offering a global view on the industrial development of the group in France and Germany. The Global Bioenergies Group is defined as the parent company Global Bioenergies S.A. and its wholly owned German subsidiary Global Bioenergies GmbH.
The German subsidiary, whose initial purpose is the installation and operation of the demo plant, has grown and now represents 15% of the Group’s operating expenses (0.7% in 2013).
The net loss of €7.6m reflects a significant but controlled increase compared to the 2013 figures.
The strong increase in assets (from €1,581,000 to €3,721,000) reflects the acquisitions made in 2014, among which:
– The industrial pilot installed in Pomacle-Bazancourt (the largest agri-business site in Europe, run among others by Cristal Union, a European sugar industry leader);
– Various scientific equipment in the Evry laboratories, in particular for fermentation and the automated screening platforms.
Global Bioenergies’ equity totaled €16.5m at the end of December compared to €23m at the end of 2013 and takes into account the net loss registered in 2014.
The payables increased due to:
– an increase in “Conditional advances and loans”: the Company has contracted two loans totaling €1,018,000 from BNP Paribas and Société Générale to finance the pilot in Pomacle-Bazancourt and a portion of the scientific equipment and site works in Evry. The Company moreover received a first €400,000 payment from the French government as part of the repayable advance granted for the Pomacle-Bazancourt pilot;
– an increase in “Trade payables and related accounts”: which correlates with the increase in operating expenses and is explained by a higher volume of activity in 2014 compared to 2013 and a postponement of the payment of suppliers to early 2015;
As at March 31st, 2015, the cash position is €12.8m (not audited).
Key facts and recent events.
Six patents exclusively licensed to Global Bioenergies and covering key steps of the bio-processes developed by the company were granted in 2014. Intellectual property is at the heart of Global Bioenergies’ strategy and business model of granting licenses for the developed processes.
In late 2013 the German state granted a €5.7m subsidy to Global Bioenergies GmbH to build and operate an industrial demonstration plant on the petrochemical site of Leuna, near Leipzig. This demo plant will have a ten times larger capacity than the Pomacle-Bazancourt pilot and will produce very high purity isobutene.
The engineering of this demonstration plant was carried out by The Linde Group, a global leader in industrial gases. The end of engineering and start of construction were announced in March 2015, at the same time that a €4.4m loan to supplement the financing of the demonstration plant was secured. The Fraunhofer Center for Chemical and Biotechnological Processes will participate in the commissioning and operation of the demo plant.
Marc Delcourt, Global Bioenergies’ CEO concludes: “Our isobutene process works well in the industrial environment of Pomacle-Bazancourt. We are now focused on Germany where our demo plant is being built. This is the final step before commercial exploitation, and we are already working together with a number of industrial firms on several commercial projects to bring our first
commercial plants to reality.”
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 and has begun the construction of its demo plant. 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).
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