- A limited impact on net income from the health crisis: -
€ 0.7m
- A sound financial position: net debt of € 4.32m for
total equity of € 9.33m.
- 2021 outlook
- Plant Advanced Technologies PAT is confident that it will meet
its growth targets.
- Deployment of a marketing strategy focused on adopting a
product catalog and indirect distribution.
- Continuing internal research to prepare for the launch of new
disruptive products.
- All subsidiaries have excellent visibility for their
businesses.
Regulatory News:
PAT SA INCOME STATEMENT HIGHLIGHTS AT DECEMBER 31,
2020
(Parent company financial statements - The annual financial
statements presented below are not consolidated and concern
exclusively the parent company PAT SA. In consequence, they do not
include the subsidiaries StratiCELL, Cellengo (wholly-owned), PAT
Zerbaz (99%-held), Temisis (98%-held) and Couleurs de Plantes
(66%-held).
(€ thousands)
2020
2020*
2019
Revenue
1,256
1,256
1,172
Grants
148
148
250
Research Tax Credit
819
898
794
Operating profit / (loss)
(1,596)
(1,952)
(1,548)
Net financial income /
(expense)
(56)
(57)
(57)
Net exceptional results
169
169
261
Net income
(664)
(940)
(541)
*Like-for-like: excluding the partial contribution of assets
(apport partiel d'actif) of the subsidiary CELLENGO at July 31 with
retroactive effect on January 1, 2020.
On April 27, 2021, the Board of Directors approved the separate
parent company financial statements for the period ended December
31, 2020 of Plant Advanced Technologies PAT SA. The Statutory
Auditors completed their audit of these financial statements and
issued their report as required by law.
PAT reported a net loss of k€ 664 in 2020 compared to a loss of
k€ 541 in 2019.
- Annual revenue rose 7% to k€ 1,256, up from k€ 1,172 in
2019).
- Purchases increased in the period reflecting the increasing
business activity of the subsidiary, PAT Zerbaz on a full-year
basis in 2020. Based in the island of La Réunion, the subsidiary is
specialized in the discovery of active ingredients and rare plant
molecules sourced from the tropical biodiversity.
- Staff expenses amounted to k€ 1,833 at 12/31/2020 compared to
k€ 1,889 one year earlier. This amount represents 60% of the
company’s expenses (compared to 69% in 2019) Decrease reflects the
transfer of researchers to the subsidiary Cellengo.
- The level of investments remains high and is destined notably
to support the growth of PAT Zerbaz’s research activities.
- Net financial expense remained stable at k€ 56 at December 31,
2020.
- The operating loss for the period amounted to k€ 1,596 compared
to k€ 1,548 in 2019 and includes a Research and Innovation Tax
Credit in the amount of k€ 819.
BALANCE SHEET HIGHLIGHTS AT DECEMBER 31, 2020
ASSETS (€ thousands)
EQUITY AND LIABILITIES (€
thousands)
2020
2019
2020
2019
Fixed assets
11,624
9,965
Shareholders’ equity
9,337
10,003
Inventory, receivables and other
assets
2,841
2,310
Financial debt and provisions
4,325
2,943
Cash and cash equivalents
291
1,533
Trade and other payables
797
637
TOTAL
14,815
13,888
TOTAL
14,815
13,888
PAT contributed the assets (k€ 1,512) and the liabilities (k€
59) to the capital of its new subsidiary Cellengo on July 31, 2020
for a net amount of k€ 1,453 retroactive effect on January 1, 2020.
Plant Advanced Technologies PAT obtained a French government-backed
loan in the first half in the amount of € 1.2 million that was
supplemented in the second half by loans from the French public
investment bank, BPI, namely in the form of Covid-relief aid “Prêt
Rebond” and Innovation funding, plus a k€ 200 loan in November
2020.
For the record, Temisis, PAT’s subsidiary carried out a capital
increase in the amount of €1.6 million based on a pre-money
valuation of € 40 million. After the completion of this rights
issue, PAT retains 98.46% of its subsidiary’s share capital.
PAT has a solid financial position with net debt of € 4 million
at 31 December 2020 and shareholders’ equity of € 9.3 million.
OUTLOOK
2020 was marked by the COVID-19 pandemic. In this unprecedented
context, all PAT customers remained loyal and certain projects
delayed during this period are expected to be back on track in
2021.
This new distribution partnership with CLARIANT in the cosmetics
sector has started to show results by registering significant
orders at the beginning of this year.
For all other PAT subsidiaries (PAT Zerbaz, Cellengo, Temisis,
Straticell and Couleurs de Plantes) visibility remains excellent
for 2021 in terms of business development, R&D and strategic
partnerships.
On that basis, Plant Advanced Technologies PAT is confident that
it will meet its growth targets for 2021.
The Company also reaffirms its continuing commitment to its
roadmap for:
- Maintaining efforts to contain costs and preserve cash;
- Deploying its marketing strategy focused on adopting a product
catalog and indirect distribution.
- Continuing internal research and collaborative efforts to
prepare for the launch of new products
Finally, concerning the work on SARS-CoV-2, tests are currently
underway for several active ingredients. PAT is investigating the
research of original antiviral molecules, complementary to the
current vaccination strategies.
A CAPITAL INCREASE AND GRANT OF RESTRICTED STOCK FOR ORDINARY
SHARES TO PLANT ADVANCED TECHNOLOGIES PAT EMPLOYEES AND SELECTED
SUBSIDIARIES
On April 25, 2019, pursuant to the delegations of authority
granted by the 17th resolution of the extraordinary general meeting
of June 28, 2017, the Board of Directors decided to implement a
Restricted Stock Unit Plan (attribution d'actions gratuites) for
employees of PAT and selected subsidiaries.
On April 26, 2021, Mr. Jean-Paul Fèvre, Chairman-CEO of Plant
Advanced Technologies PAT duly noted the corresponding capital
increase and formally completed the transaction.
- Amount of the capital increase of April 26, 2021: €4,808 with
the creation of 4,808 shares
- Price of the newly created shares: € 22.00 (opening share price
on April 26, 2021)
- The share capital increased in consequence from € 1,085,906 to
€ 1,090,714, divided by 1,090,714 shares of one euro per
share.
Pursuant to the above, the number of voting rights and shares
making up the share capital of Plant Advanced Technologies PAT
totals: 1,090,714.
The purpose of this grant is to promote the retention and
long-term contribution to the results of Plant Advanced
Technologies PAT by all concerned employees.
FINANCIAL CALENDAR
The reporting scope for financial information will change in
2021. The first consolidated financial statements of Plant Advanced
Technologies PAT will be published by June 30, 2021.
Forum Midcap Partners May 12, 2021 Publication of 2020
consolidated annual results by June 30, 2021. SFAF analyst meeting
by June 30, 2021 Annual General Meeting before July 31, 2021
About PAT www.plantadvanced.com
Plant Advanced Technologies PAT is specialized in the
identification, optimization and production of rare new active
plant compounds or cosmetics, pharmaceutical, nutraceutical and
fine chemicals markets. PAT possesses unique plant-based expertise
with a portfolio of worldwide patents (PAT Target Binding® and
Plant Milking®)
Plant Advanced Technologies is listed on Euronext Growth™-
Paris
ISIN : FR0010785790 - Ticker: ALPAT
Reuters ALPAT.PA - Bloomberg : ALPAT : FP
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version on businesswire.com: https://www.businesswire.com/news/home/20210505005934/en/
PAT – Investor Relations - Louis-Nicolas Vallas +33 6 20
64 32 86 - investisseur@plantadvanced.com FIN’EXTENSO –
Media Relations - Isabelle Aprile - +33 6 17 38 61 78 -
i.aprile@finextenso.fr
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