BUSINESS WIRE<\/a>)–
\nRegulatory News:\n<\/p>\n\nCarbios (Euronext Growth Paris: ALCRB) (Paris:ALCRB), the company pioneering new enzymatic solutions to reinvent the lifecycle of plastic and textile polymers, announces today plan to build a first of a kind 100% PET recycling production unit exploiting its technology (the \u201cUnit<\/b>\u201d).\n<\/p>\n
\nThis Unit is expected to enable an annual production of 40.000 tonnes of recycled PET. It will also strengthen the Company\u2019s business model which will remain the licensing of its technologies and know-how and the sale of enzymes to its licensees, who will build their own PET recycling production units.\n<\/p>\n
The key steps for the building of the Unit are the following:<\/span><\/p>\n\n- September 2021:<\/b> Start-up of Carbios PET demonstration facility in Clermont Ferrand, as expected, which will allow to generate process data for the design of the Unit;\n<\/li>\n
- 2021 – 2022<\/b>: engineering studies and site selection for the Unit;\n<\/li>\n
- End 2022<\/b>: beginning of the construction of the Unit;\n<\/li>\n
- End 2024<\/b>: Start-up of the Unit; and\n<\/li>\n
- 2025<\/b>: First revenues generated from the Unit.\n<\/li>\n<\/ul>\n
\nUnder this framework, Carbios announces the signature on March 18th<\/sup>, 2021 of a non-exclusive and non-binding Expression Of Intent<\/i> agreement with<\/b>Equipolymers<\/b>, leading European PET producer, which could host the Unit on its production facilities located in Schkopau (Germany) (the \u201cAgreement<\/b>\u201d). Equipolymers is a subsidiary of EQUATE Petrochemical Company.\n<\/p>\n\nThe objective of this Agreement is to bring together Carbios\u2019 unique biorecycling technology and Equipolymers world class PET manufacturing and R&D know-how in the field of chemical recycling. It will allow Carbios\u2019 technology to rapidly transform the plastic market and fully capitalize on Carbios\u2019 unique leadership in this industry.\n<\/p>\n
\nThe Agreement foresees notably:\n<\/p>\n
\n- \nAn assistance in securing the sourcing of PET wastes for the Unit;\n<\/li>\n
- \nA mutual access to data coming from Carbios\u2019s demonstration plant and the biorecycling technology and from Equipolymers facilities.\n<\/li>\n<\/ul>\n
\nThe estimated cost of the Unit amounts to around 100 million euros. Carbios has already started to explore various financing options.\n<\/p>\n
\u201c<\/i><\/b>In the unprecedented time we have experienced, I am proud of the significant progress made in 2020. Thanks to the commitment of our employees and the many challenges they have faced, we have succeeded in accelerating the development of our pipeline of technologies and in consolidating our position as world leader in the field of enzymatic recycling and biodegradation of plastics and fibers. We also signed a new structuring agreement with Novozymes to develop the production of our enzymes dedicated to the recycling of PET. 2020, was also marked by a major international recognition with the publication of an article co-authored by Carbios scientists and our partner TBI1<\/sup> in the prestigious scientific journal Nature, and by the extension of our recycling technology to PET polyester fibers. In line with our objectives, we will pursue the implementation of our strategy for the industrialization of our breakthrough technologies. 2021 will therefore be a particularly structuring year for Carbios. In September, we will start operating the first industrial demonstration plant for the enzymatic recycling of PET a site made available by the Michelin Group in Clermont-Ferrand, France, which would support the objective to set up with our partner the construction of a PET first of a kind production facility by 2024. Supported by the growing appetite of industrial players for our technologies, we are confident in our ability to create long-term value for our shareholders and all the stakeholders involved in the development of our ground-breaking solutions based on circular economy,\u201d <\/i>comments Jean-Claude Lumaret, CEO of Carbios. <\/b><\/p>\n2020 ANNUAL RESULTS<\/span><\/b><\/p>\n\n\u2013 Carbios announces as well its operating and financial results for the year 2020. The financial statements as of December 31st<\/sup>, 2020 were approved by the Company\u2019s Board of Directors at their meeting on March 31st<\/sup>, 2021 and audited by the Statutory Auditors whose certification reports are being issued.\n<\/p>\nHIGHLIGHTS OF THE 2020 FINANCIAL YEAR AND POST-CLOSING EVENTS<\/span><\/b><\/p>\nR&D <\/span><\/p>\n\n- \nPublication of an article co-authored by Carbios and TBI1 in the prestigious scientific journal Nature\n<\/li>\n
- \nCreation of a collaborative enzyme engineering research center of international scale on plastic recycling and biosynthesis\n<\/li>\n<\/ul>\n
Enzymatic recycling of PET-based plastics and fibers <\/span><\/p>\n\n- \nJoint-Development Agreement with the world leader in enzyme production Novozymes\n<\/li>\n
- \nLaunch of the construction of an industrial demonstration plant for the enzymatic recycling of PET-based plastics and fibers\n<\/li>\n
- \nExtension of Carbios recycling process to PET-based polyester fibers\n<\/li>\n<\/ul>\n
Carbiolice<\/span>2<\/sup><\/p>\n\n- \nCarbiolice: commercial launch of Evanesto\u00ae at the end of 2020 (enzymatic biodegradation of PLA based single-use plastics)\n<\/li>\n
- \nAcquisition of Limagrain Ingredients entire stake in the capital of Carbiolice\n<\/li>\n
- \nEvanesto\u00ae granted with the Efficient Solution <\/i>label by the Solar Impulse Foundation\n<\/li>\n<\/ul>\n
Intellectual Property <\/span><\/p>\n\n- \n11 patents granted in 2020 including seven in the United States\n<\/li>\n<\/ul>\n
Finance <\/span><\/p>\n\n- \nSuccessful capital increase of 27 million euros with French and international institutional investors (July 2020)\n<\/li>\n
- \nCash position of \u20ac29 million as of December 31, 2020\n<\/li>\n<\/ul>\n
RESULTS AND COMMENTS ON THE COMPANY\u2019S ACTIVITY FOR THE YEAR ENDED DECEMBER 31, 2020<\/span><\/b><\/p>\n2020 Income Statement<\/span><\/b><\/p>\n\n\n| \n (in thousand euros)<\/b><\/p>\n<\/td>\n | \n Dec. 31, 2019<\/b><\/p>\n<\/td>\n | \n Dec. 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (12 months)<\/b><\/p>\n<\/td>\n | \n (12 months)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOperating revenues\n<\/p>\n<\/td>\n | \n \n1,450\n<\/p>\n<\/td>\n | \n \n1,643\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating expenses\n<\/p>\n<\/td>\n | \n \n5,986\n<\/p>\n<\/td>\n | \n \n8,464\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating income<\/b><\/p>\n<\/td>\n | \n (4,535)<\/b><\/p>\n<\/td>\n | \n (6,821)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinancial Income\n<\/p>\n<\/td>\n | \n \n(29)\n<\/p>\n<\/td>\n | \n \n(93)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current Income before tax<\/b><\/p>\n<\/td>\n | \n (4,564)<\/b><\/p>\n<\/td>\n | \n (6,914)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nExtraordinary profit\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n(720)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax (Tax research credit)\n<\/p>\n<\/td>\n | \n \n800\n<\/p>\n<\/td>\n | \n \n1,488\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income (loss)<\/b><\/p>\n<\/td>\n | \n (3,749)<\/b><\/p>\n<\/td>\n | \n (6,146)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor full-year 2020, the operating revenues stood at \u20ac1,643,000 versus \u20ac1,450,000 for the previous financial year. As the Company\u2019s business is still focused on the industrial development of its innovative processes, most of its operating income comes from subsidies and services.\n<\/p>\n \nDuring 2020, Carbios recorded \u20ac242,000 in grants from ADEME3<\/sup> for the success of the second key stage of the CE-PET4<\/sup> research project.\n<\/p>\n\nAs part of the research service agreement signed on February 15, 2017 with Carbiolice and extended by an amendment until 2021, \u20ac526,000 has also been invoiced by the Company to its subsidiary in 2020.\n<\/p>\n \nDue to sustained development policy supporting operational activities and the ongoing improvement of the Company\u2019s PET plastic and polyester fibers recycling technology, operating expenses stood at \u20ac8.464 million for 2020, of which 61 % was dedicated to R&D (10% increase compared to 2019), as opposed to \u20ac5.986 million in 2019.\n<\/p>\n \nThe difference in the consumption rate of resources allocated to R&D is mainly due to an increase in external R&D expenses and employment expenses (especially R&D) in line with the increase efforts conducted for the industrialisation of the Company\u2019s PET plastics and fibers enzymatic recycling technology.\n<\/p>\n \nAs a result, the operating loss in 2020 settles at \u20ac6.821 million and the net loss at \u20ac6.146 million after considering the research tax credit of \u20ac1.488 million.\n<\/p>\n Balance Sheet <\/span><\/b><\/p>\n\n\n| \n Assets (in thousand euros)<\/b><\/p>\n<\/td>\n | \n 2019<\/b><\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | | \n\n Liabilities (in thousand euros)<\/b><\/p>\n<\/td>\n | \n 2019<\/b><\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nShare Capital\n<\/p>\n<\/td>\n | \n \n4,833\n<\/p>\n<\/td>\n | \n \n5,674\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIntangible assets\n<\/p>\n<\/td>\n | \n \n858\n<\/p>\n<\/td>\n | \n \n1,086\n<\/p>\n<\/td>\n | | \n\n \nAdditional paid-in-capital\n<\/p>\n<\/td>\n | \n \n31,275\n<\/p>\n<\/td>\n | \n \n59,711\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTangible assets\n<\/p>\n<\/td>\n | \n \n2,415\n<\/p>\n<\/td>\n | \n \n4,793\n<\/p>\n<\/td>\n | | \n\n \nRetained earnings\n<\/p>\n<\/td>\n | \n \n(10,366)\n<\/p>\n<\/td>\n | \n \n(14,115)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial assets\n<\/p>\n<\/td>\n | \n \n12,027\n<\/p>\n<\/td>\n | \n \n20,907\n<\/p>\n<\/td>\n | | \n\n \nInvestment subsidies\n<\/p>\n<\/td>\n | \n \n13\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Fixed assets<\/b><\/p>\n<\/td>\n | \n 15,300 <\/b><\/p>\n<\/td>\n | \n 26,786<\/b><\/p>\n<\/td>\n | | \n\n \nCurrent year profit (loss)\n<\/p>\n<\/td>\n | \n \n(3,749)\n<\/p>\n<\/td>\n | \n \n(6,146)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n Shareholder\u2019s equity<\/b><\/p>\n<\/td>\n | \n 22,005 <\/b><\/p>\n<\/td>\n | \n 45,135<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nInventory\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | \n \n39\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReceivables\n<\/p>\n<\/td>\n | \n \n1,065\n<\/p>\n<\/td>\n | \n \n2,149\n<\/p>\n<\/td>\n | | \n\n Conditional advances <\/b><\/p>\n<\/td>\n | \n 4,250 <\/b><\/p>\n<\/td>\n | \n 4,173<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCash and marketable securities\n<\/p>\n<\/td>\n | \n \n15,915\n<\/p>\n<\/td>\n | \n \n29,097\n<\/p>\n<\/td>\n | | \n\n \nLoans\n<\/p>\n<\/td>\n | \n \n3,818\n<\/p>\n<\/td>\n | \n \n5,647\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrepaid expenses\n<\/p>\n<\/td>\n | \n \n75\n<\/p>\n<\/td>\n | \n \n139\n<\/p>\n<\/td>\n | | \n\n \nTrade payables and related accounts\n<\/p>\n<\/td>\n | \n \n1,387\n<\/p>\n<\/td>\n | \n \n1,952\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current assets<\/b><\/p>\n<\/td>\n | \n 17,076 <\/b><\/p>\n<\/td>\n | \n 31,425<\/b><\/p>\n<\/td>\n | | \n\n \nOther liabilities\n<\/p>\n<\/td>\n | \n \n750\n<\/p>\n<\/td>\n | \n \n1,146\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred financial costs\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n | | \n\n \nDeferred revenues\n<\/p>\n<\/td>\n | \n \n176\n<\/p>\n<\/td>\n | \n \n176\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n TOTAL ASSETS <\/b><\/p>\n<\/td>\n | \n 32,386 <\/b><\/p>\n<\/td>\n | \n 58,228<\/b><\/p>\n<\/td>\n | | \n\n Payables<\/b><\/p>\n<\/td>\n | \n 6,131<\/b><\/p>\n<\/td>\n | \n 8,921<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\n TOTAL LIABILITIES<\/b><\/p>\n<\/td>\n | \n 32,386<\/b><\/p>\n<\/td>\n | \n 58,228<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWith the launch of the construction of its industrial demonstration plant for the enzymatic recycling of PET plastic, tangible assets have risen in 2020, as scheduled.\n<\/p>\n \nFinancial assets are also up sharply as a result of (i) the acquisition from Limagrain Ingredients entire 18.02% stake in the capital of Carbiolice5<\/sup> and (ii) the subscription to a capital increase of this subsidiary for an amount of \u20ac2.8 million paid in October 2020, in accordance with the initial commitments.\n<\/p>\n\nAs part of its policy to secure Intellectual property, the Company continued to enrich its portfolio and is now owning 38 patent families.\n<\/p>\n \nCarbios\u2019 equity totalled \u20ac45.135 million at year-end 2020 compared to \u20ac22.005 million at year-end 2019. This situation reflects the impact of the successful \u20ac27 million capital increase dated July 20206<\/sup>.\n<\/p>\n\nUnder the CE-PET research project, the Company received a funding during the first half of 2020 from ADEME consisting of a redeemable loan for an amount of \u20ac776,000 and a grant of \u20ac259,000.\n<\/p>\n Cash flow<\/span><\/b><\/p>\n | | | | | | | | | |