OREGE GROUP ACTIVITY AND HALF YEAR 2020 RESULTS
30 Settembre 2020 - 6:07PM
OREGE GROUP ACTIVITY AND HALF YEAR 2020 RESULTS
Press
release
Voisins Le Bretonneux, 30 September 2020
(18h00)
Summary financial information for the six
months ended 30 June 2020(consolidated accounts approved by the
Board of directors on 26 September 2019). The auditors are
completing their limited review procedures.
In K€ - IFRS |
H1 2020(30 June 2020) |
H1 2019(30 June 2019) |
Year 2019(31 December 2019) |
|
|
|
|
Turnover |
491 |
105 |
935 |
|
|
|
|
Operating expenses (net) |
|
|
|
Payroll expenses |
-1 904 |
-2 233 |
-3 814 |
Other operating expenses |
-1
689 |
-2 475 |
-4 615 |
Depreciation and amortisation |
-307 |
-340 |
-835 |
Total operating expenses (net) |
-3 900 |
-5 048 |
-9 264 |
|
|
|
|
Operating result |
-3 409 |
-4 943 |
-8 329 |
Financial result |
-648 |
-1 573 |
-1 859 |
Corporation tax |
0 |
0 |
0 |
Net loss |
-4 059 |
-6 516 |
-10 188 |
TurnoverTurnover for the first half year
2020 was 491 K€ compared to 105 K€ for the first half year
2019.
Operating expensesThe reduction in
operating expenses is essentially the result of the ongoing effort
to control costs and rationalise the organization including the
measures started in spring 2020:
- A salary reduction of 20% for a dozen managers (France,
USA, UK) with effect from April and until the end of 2020, with a
potential clawback once positive EBITDA reached.
- Implementation of the partial employment scheme for part
of the Orège workforce in France (chômage partiel) and in the UK
(furlough).
- Significant reduction in costs: stopping certain service
providers (notably at the design office and for the execution of
projects in Germany) and consultants (mainly for commercial
development), renegotiation of real estate leases, insurances, etc.
...
Financing and cashAt 30 June 2020, Orège
had 179 K€ of cash and cash equivalents (237 K€ at 31 December
2019) and the balance of undrawn shareholder current account
advances guaranteed by Eren Industries was 1 352 K€.
In July 2020, Orege cashed in 567 K€ for the
accelerated mobilization of its 2019 research tax credit (CIR) and
in September, Eren Industries granted the company an additional 1
500 K€ of shareholder current account advance which will enable the
Group to meet all its financing requirements until 30 June
2021.
Furthermore, a reduction from 5% to 2.5% in the
interest rate on the shareholder's current account balance was
proposed by Eren Industries from the second quarter of 2020 in the
context of the Covid 19 crisis and this rate reduction will be
extended until the end of 2020.
ActivityOver the summer, Orège resumed
the execution of 10 out of 16 signed projects as and when borders
reopened and as a function of air travel becoming possible and
customers authorising our teams to resume project execution on
their sites.
Of the 6 remaining projects, we expect to be
able to recommence execution of 3 by the end of the year and the
remaining 3 during the early part of next year.
Outlook
- Cost reduction efforts will be continued until the end of
2020 to improve the Group’s operating result.
- Anticipated turnover for 2020 would not exceed 2,5
M€.
- During the summer, we saw a resumption of activities in
Great Britain. The majority of Water Companies having now validated
their five-year plan 2020-2025 with the regulator OFWAT, they are
free to commit new investment budgets. On 23 September 2020, Orège
received its second order for an SLGF solution from Scottish Water
(detailed press release to come).
The Orège UK team is currently carrying out
project qualifications through site visits with several Water
Companies.
- A resumption of activity was also noted in the United
States, where a second sale has just been confirmed with our client
GCUA (detailed press release to come).
Further information on the activity and on the
implementation of our partnership with Alfa Laval will be the
subject of an analysts’ information meeting on November 3,
2020.
Other information:The half year report
will be published in French on the Company’s website
(www.orege.com) 6 October 2020.
Orège has been listed on the regulated market
Euronext – Paris since 5 July 2013 - ISIN FR0010609206 - OREGE.
Contact Orège: Financial information – George
GonsalvesGeorge.gonsalves@orege.com - mob: +33 6 08 03 50
72
- VEng Half year results 300920 DEF
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