Bio-on board of directors approves Draft Budget and IAS/IFRS Consolidated Financial Statement at 31 December 2018
30 Marzo 2019 - 11:08PM
- Consolidated revenues of 51 million Euro at 31 December
2018 compared to 11 million Euro at 31 December 2017;
- EBITDA of 42 million Euro at 31 December 2018 compared
to 7 million Euro at 31 December 2017;
- EBIT of 40 million Euro at 31 December 2018 compared to
6 million Euro at 31 December 2017;
- Net income of 12 million Euro at 31 December 2018
compared to 5 million Euro at 31 December 2017;
- Negative net financial position (debt) of 23 million
Euro compared to 24 million Euro (assets) in 2017 and shareholders
equity of 59 million Euro compared to 47 million Euro at 31
December 2017;
Bologna (Italy), 30 March 2019
– The board of directors of Bio-on S.p.A., listed on the AIM Italia
market and operating in the high quality bioplastic sector that
produces, conducts applied research and develops modern industrial
biofermentation technologies in the field of new eco-sustainable
and completely naturally biodegradable materials, which met on 30
March 2019, approved the draft budget and the IAS/IFRS Consolidated
Financial Statement of the year ending 31 December 2018.
The value of production is 51 million
Euro; the EBITDA is 42 million Euro and
the net income is 12 million Euro.
The operative results, in net improvement on the
previous year, are in line with the 2017-2020 industrial plan and
reflect Bio-on's ability to execute clear strategies and make
investments to boost its effects.
The main economic and financial data
consolidated at 31 December 2018 is indicated
below. Consolidated data is given as it does not shift
significantly away from the values stated in the annual report of
31 December 2018.
Detail in thousands of Euro
Year |
2018 |
2017 |
changes% |
|
|
|
|
Revenues |
50.725 |
10.753 |
+372% |
Gross Operating Income (EBITDA) |
42.257 |
6.664 |
+534% |
Net Operating Income (EBIT) |
39.620 |
6.368 |
+522% |
Net Income |
11.932 |
6.368 |
+87% |
Net Financial Position |
(22.540) |
24.226 |
- |
Shareholders Equity |
59.263 |
47.423 |
+25% |
The financial position data is as follows:
- Fixed assets 69,843 thousand Euro compared to 8,417 thousand
Euro in 2017.
- Net working capital 13,152 thousand Euro compared to 15,761
thousand Euro in 2017.
- Net Invested Capital of 81,803 thousand Euro, inclusive of net
working capital values of 13,152 thousand Euro, rose by 58,606
thousand Euro compared to 2017 data (23,197 thousand Euro) as a
consequence of investments in fixed assets during the year.
- Group Shareholders Equity of 59,263 thousand Euro rose by
11,840 thousand Euro compared to 31 December 2017 (47,423 thousand
Euro).
- The front-end net financial position at 31/12/2018 is positive
(assets) by 830 thousand Euro, compared to a front-end net
financial position at 31/12/2017 positive (assets) by 39,148
thousand Euro.
Of the results achieved in
2018, we highlight the performance of the
EBITDA, which reaches approximately 42 million
Euro and accounts for 83% of revenues, a
considerable increase on the forecasts (approximately 50%, which is
currently the minimum objective) confirming the company's
outstanding performance. Debt (NFP) is temporarily higher than the
plan values due to the effect of major and strategic investments
made by the company in line with the implementation of its
short-medium term plans.
Net income, up 87% on the previous year, did not
rise in proportion to the higher revenues due to Bio-on's equity
investment in special purpose vehicles (New.Co. in joint venture
with sector leaders) founded during the year to develop the
finished and speciality products market. Investing in the special
purpose vehicles of international leaders in the various sectors in
which Bio-on is expanding - from fertilisers to tobacco, cosmetics,
organic electronics and food packaging - will drive the growth and
affirmation on the market of new exclusive products, designed and
made with Bio-on bioplastic.
The special purpose vehicles strategy will enable Bio-On's
recurring revenues to rise thanks to the generation of running
royalties which, in addition to earnings from licensing and product
sales (of which 13 million already collected in the first quarter
of 2019), will guarantee an economic return on the current
investments already confirmed for 2019.
We also highlight that, in 2018, the company
further strengthened its patents portfolio,
considerably increasing the number of registrations.
This ongoing activity is the result of major
investments in research and development, which are the solid
foundation for industrial growth in the years to come. The company
is adapting to this growth by increasing its staff numbers, which
in 2018 tripled to 84, most of whom are employed at the new
production plant at Castel San Pietro Terme (BO).
The board of directors, which proposed investing
the year's profit in equity reserves, also states that it has
appointed the Chairman to call the Ordinary Shareholders' Meeting
at the Bio-on S.p.A. registered office for a combined meeting on
30 April 2019, to rule on the approval of the
financial statement at 31 December 2018.
Significant events and operations
occurring after 31 December 2018 include:
- The presentation by Unilever and
Bio-on of “My Kai”, the new line
of ultra-green sun creams, the world's first product created using
cosmetic ingredients developed by Bio-on. Production of the
innovative sun cream line was completed successfully in March
(2019) and is sold by Unilever in various distribution channels
(in-store and online) from spring 2019.
This
major milestone is the result of a strategic collaboration launched
with Unilever in 2018, which also includes the launch of other
products over the course of 2019.
- Start of work to expand the CNS laboratories (Cosmetics,
Nanomedicine and Smart Materials) at the Castel San Pietro Terme
industrial area.
- Start of preparations to expand production over the course of
2019 at the Castel San Pietro Terme industrial area.
The company's Draft Budget and
Consolidated Financial Statement are subject to audit currently
being completed and will be made available according to law at the
registered office in Via Dante Alighieri 7/b, San Giorgio di Piano
(BO), in Borsa Italiana SpA and in the Investor Relations section
of the website www.bio-on.it, and will be subject to the approval
of the Shareholders' Meeting to be held on 30 April 2019. This
press release is available in the Investor Relations section of the
company website www.bio-on.it. The summarised statement of
financial position at 31 December 2018 and the reclassified income
statement of the parent company Bio-on S.p.A. is attached.
Reclassified income statement
Reclassified balance sheet
Bio-on S.p.A.Bio-on S.p.A. is
an Italian Intellectual Property Company (IPC) operating on an
international scale. Listed on the AIM segment of Borsa
Italiana since 2014, Bio-on licenses and manufacturers the world's
most innovative bioplastics, conducting applied research and
developing advanced bio-fermentation technologies, and cutting-edge
natural and sustainable chemicals for the future. Bio-on's
biopolymers, PHAs or polyhydroxyalkanoates, are made from renewable
plant sources with no competition with food supply chains,
including molasses and sugar beet and sugar cane syrups, fruit and
potato waste, carbohydrates, glycerol, waste frying oil and even
carbon dioxide in the atmosphere. Bio-on bioplastics, called Minerv
PHAs, have the same thermo-mechanical properties as conventional
oil-based plastics with the advantage of being completely
eco-sustainable: 100% natural and 100% biodegradable, as certified
by Vincotte and by USDA (United States Department of Agriculture).
The great versatility of PHAs means Bio-on can produce Minerv PHAs
bioplastic in microscopic dimensions to replace the invisible
microbeads used in cosmetics products, in professional SLS 3D
printers, fragrances, animal feed and many other applications. To
promptly meet the exponentially rising and increasingly diversified
demand, Bio-on, which is already working alongside big
multinationals to develop alternatives to conventional plastics,
operates through six Business Units: Bio-on
Plants, RAF, Recovery And Fermentation, CNS
(Cosmetic, Nanomedicine & Smart Materials),
SMD (Structural Materials Developments), fdm
(Fashion Development Material)
and ENG (Engineering).
www.bio-on.itPress information:
Bio-on – Simona Vecchies - +39 335 1245190
press@bio-on.it – Twitter @BioOnBioplastic
IssuerBio-On S.p.A.Via Dante 7/b40016 San Giorgio
di Piano (BO) Telephone +39 051893001 info@bio-on.it |
NomadEnVent Capital
Markets Ltd42 Berkeley Square - London W1J 5AWVia Barberini,95,
00187 RomaTel. +39 06
896841pverna@enventcapitalmarkets.ukfmartino@enventcapitalmarkets.uk |
Specialist Banca Finnat
Euramerica S.p.A. Piazza del Gesù, 49 00186 Roma Lorenzo Scimia
Tel: +39 06 69933446 l.scimia@finnat.it |
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