PAT Group: 2020 Consolidated Results
17 Giugno 2021 - 06:42PM
Business Wire
- PAT Group publishes its consolidated financial statements
for the first time
- PAT Group adopts a corporate umbrella structure for Plant
Advanced Technologies PAT SA with its 5 subsidiaries: StratiCELL
and Cellengo (wholly-owned), PAT Zerbaz (99%), Temisis (98%) and
Couleurs de Plantes (66%).
- This first-time consolidation for the 2020 financial statements
accordingly includes the Group and its subsidiaries.
- Revenue: €1.7 million vs. €1.8 million in 2019
- Net Profit (loss) attributable to equity holders of the
parent: -0.5 million vs. -€0.8 million in 2019
- Financial Position: bank borrowings in the amount of
€5.7 million with shareholders’ equity of €8.5 million.
- Outlook
- Prospects for meeting the 2021 growth targets are
positive.
- Continuing discovery and development of rare molecules
- Breakeven expected in 2022
Regulatory News:
PAT Group (Paris:ALPAT):
PAT GROUP INCOME STATEMENT HIGHLIGHTS AT DECEMBER 31,
2020
(€ thousands)
2020
2019
Revenue
Operating grants
Research tax credit
1,719
752
1,058
1,829
792
918
Operating profit / (loss)
(2,095)
(1,722)
Net financial income /
(expense)
(107)
(100)
Net exceptional items
635
48
Net profit / (loss) attributable to
equity holders of the parent
(543)
(878)
On June 11, 2021, the Board of Directors approved the
consolidated financial statements for the period ended December 31,
2020 of PAT Group. The Statutory Auditors have performed a full
audit of these financial statements. The report thereon will be
issued after the management report has been reviewed and the
procedures for publishing the annual financial report have been
finalized.
Despite the pandemic, PAT Group remained unaffected by any major
events during the 2020.
PAT Group reported consolidated revenue of €1.7 million for the
financial year ended December 31, 2020 compared to €1.8 million one
year earlier or a decrease of 6%.
PAT Group’s Operating Loss amounted to €2.1 million, up
from €1.7 million in 2019.
- PAT SA’s annual revenue rose 7% to k€1,256, up from
k€1,172 in 2019. Based on the above, the Net Loss amounted
to k€664, up from k€501 in 2019 reflecting notably the increase in
purchases in the period to support subsidized collaborative
projects and capital spending which remains high.
- PAT Zerbaz, a subsidiary based on the island of La
Réunion specialized in the discovery of active ingredients and rare
plant molecules sourced from the tropical biodiversity, had revenue
of k€300 for the period ended December 31, 2020 and Net
Profit for the period of k€12. This subsidiary was fully
operational in fiscal 2020.
- Temisis, a subsidiary based in Vandœuvre-lès-Nancy, is
developing original compounds with anti-inflammatory properties
(First-in-class TEM1657) with high potential for the treatment of
psoriasis. No revenue was recorded for the subsidiary in 2020.
- Cellengo, a subsidiary based in Vandœuvre-lès-Nancy,
uses metabolic engineering technologies to develop and produce
active ingredients. PAT SA contributed the assets (-k€1,512) and
the liabilities (-k€59) to Cellengo’s capital on July 31, 2020 for
a net amount of k€1,453 with retroactive effect on January 1, 2020.
Cellengo continued to focus on developing two types of assets in
2020. No revenue was recorded for this subsidiary in 2020.
- StratiCELL, a subsidiary based near Namur in Belgium,
specialized in providing in vitro efficacy testing for
objectivation of dermo-cosmetic skin care products, recorded
revenue of k€590, impacted by a decrease in the number of cosmetic
industry trials in the second quarter of 2020 linked to the health
crisis. As a result, this subsidiary recorded a Net Loss of
k€207 for 2020.
- Couleurs de Plantes, a subsidiary based in
Rochefort-sur-Mer, is a producer of plant-based dyes and pigments.
In 2020, it had revenue of k€357 and a Net Profit of
€54,000.
The Group's Net Financial Expense remained stable in the period:
-k€107 vs. -k€100 in 2019. Net exceptional income amounted
to k€635 (compared to k€48 in 2019). The net loss attributable
to equity holders of the parent improved in relation to
the prior year, decreasing from k€878 in 2019 to k€543 at December
31, 2020.
BALANCE SHEET HIGHLIGHTS AT DECEMBER 31, 2020
ASSETS (€ thousands)
EQUITY AND LIABILITIES (€
thousands)
2020
2019
2020
2019
Fixed assets
9,449
8,265
Shareholders’ equity
8,720
8,962
Inventory, receivables and other
assets
4,558
4,131
Financial debt and provisions
5,798
3,672
Cash & cash equivalents
3,260
1,976
Trade and other payables
2,748
1,738
TOTAL
17,267
14,372
TOTAL
17,267
14,372
The consolidated cash position for these entities previously
presented separately amounted to €3.2 million at December 31,
2020.
Bank borrowings and financial liabilities amounted to €5.8
million and included the Covid-19 relief French government-backed
loans totaling €1.6 million.
PAT Group has a sound financial position with a reasonable level
of bank debt and resources to finance its capital expenditures.
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. Visibility for all Group subsidiaries remains positive for
2021 in terms of business development, R&D and strategic
partnerships.
PAT Group is accordingly confident that its 2021 growth
targets will be met based on order intake to date and the
outlook for growth in sales in the months ahead.
It also reaffirms its continuing commitment to its roadmap
for:
- Deploying its marketing strategy based on adopting a product
catalog and indirect distribution.
- Continuing to contain costs and finance its subsidiaries.
- Continuing internal research and collaborative efforts to
prepare for the launch of new products
- Concerning the work on SARS-CoV-2, PAT is continuing to
investigate the Anti-SARS-Cov-2 properties of its original
antiviral molecules, as a way to supplement existing vaccination
strategies.
PAT Group expects to reach operational breakeven in 2022
(including Research Tax Credit and subsidies) based solely on the
development of cosmetics sales. The Group’s significant capital
expenditures supporting R&D in its three other markets
(pharmaceuticals, nutraceuticals and agrochemicals) are also
expected to eventually provide strong growth drivers.
FINANCIAL CALENDAR
SFAF Analyst Meeting / 2020 FY
Consolidated Results
June 15, 2021
Annual General Meeting
July 16, 2021
H1 2021 results
October 30, 2021
About PAT www.plantadvanced.com Plant Advanced
Technologies (PAT) is a plant biotechnology company specialized in
the identification, optimization and production of rare new active
plant compounds for cosmetics, pharmaceutical, nutraceutical and
fine chemicals markets. PAT possesses unique plant-based expertise
with a portfolio of worldwide patents.
Plant Advanced Technologies PAT 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/20210617005746/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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