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Global Bioenergies: strong progress in first half 2023


/EIN News/ -- Global Bioenergies: strong progress in first half 2023

First half revenue of €3.1 million

Reduction of net loss

ASTM certification obtained for Sustainable Aviation Fuel technology

Upsizing of plant project

Evry, 19 September 2023 – 05:45 p.m.: Global Bioenergies’ Board of Directors held on 15 September approved the H1 2023 financial statements, which have been audited by the Statutory Auditor and show revenue of €3.1 million.

Samuel Dubruque, Chief Financial Officer of Global Bioenergies, said: “This record revenue since the creation of the Company, has enabled us to significantly reduce our net loss: (€4.1) million in H1 2023 compared to (€5.8) million in H1 2022 and (€7.6) million in H1 2021. Isonaturane™ 12 sales illustrate both the market appetite for our products and our ability to produce in compliance with the most stringent regulatory standards.”

Marc Delcourt, co-founder and CEO of Global Bioenergies, added: “The first half of 2023 was also marked by the achievement of the ASTM certification for our sustainable aviation fuel technology. This certification, an essential gateway reserved for a limited range of technologies, gives us access to the market for Sustainable Aviation Fuel, which is the main decarbonisation option for air transport. Thanks to the larger scale of operation of our process and the reduction in production costs, we plan to start operating in the European SAF market by 2030, when the mandatory minimum share of sustainable aviation fuels are raised from 2% to 6% in the European Union.”

Group Profit & Loss Account

€ thousands from 01/01/23
to 30/06/23
6 months
from 01/01/22
to 30/06/22
6 months
from 01/01/21
to 30/06/21
6 months
Operating income 7,326 1,059 1,903
Operating expenses 11,264 6,632 9,455
Operating profit (loss) -3,938 -5,573 -7,552
EBITDA -3,026 -5,014 -6,515
Financial profit (loss) 23 -61 -79
Exceptional profit (loss) -169 -124 10
Income tax - - -
Net profit (loss) -4,084 -5,759 -7,621

€ thousands from 01/01/23
to 30/06/23
from 01/01/22
to 30/06/22
from 01/01/21
to 30/06/21
Operating income 7,326 1,059 1,903
Revenue 3,102 144 33
Operating subsidies 1,184 894 1,331
Change in inventory of finished products 1,917 -34 527
Other income 1,123 55 12

Operating income mainly consists of revenue from the first sale of several tonnes of IsonaturaneTM 12.

€ thousands from 01/01/23
to 30/06/23
from 01/01/22
to 30/06/22
from 01/01/21
to 30/06/21
Operating expenses 11,264 6,632 9,455
Staff costs 2,194 2,309 2,079
Average number of employees (No.) 47.6 47.3 41.2
Industrialisation expenses 2,687 2,597 4,886
Change in IBN & derivatives inventories 2,461 -584 - 520
Laboratory costs 192 185 322
Rent, servicing & maintenance 518 423 413
Intellectual property 186 137 326
Depreciation, amortisation and provisions 2,028 559 1,038
Other structural costs 997 1,006 911

Total isobutene and derivatives inventory entries, which impact both operating income and operating expenses, result in a total expense of €0.7 million in H1 2023.

Excluding these inventory entries, operating expenses increased €0.6 million versus H1 2022, mainly due to the increase in depreciation charges resulting from the commissioning of the Pomacle production unit on 1 November 2022. Other expense items remained stable.

Group Balance Sheet

Assets (€ thousands) 30/06/23 31/12/22 31/12/21   Passif (k€) 30/06/23 31/12/22 31/12/21
Intangible assets 411 539 800   Capital 905 749 743
Tangible assests 3,060 3,612 637   Share premium 10,452 16,029 29,289
Assets under construction 129 401 1,897   Balance carried forward -2,769 -2,708 -4,697
Financial assets 829 1,546 1,544   Profit (loss) -4,084 -11,986 -11,773
          Equipment subsidy 379 463 -
NON CURRENT ASSETS 4,428 6,097 4,879   EQUITY 4,883 2,547 13,562
IBN and derivatives inventories 1,604 2,342 1,793   PROVISIONS 58 110 61
Consumables inventories 298 250 250          
Receivables 4,847 3,647 3,524   Conditional advances and loans 10,985 11,486 12,454
Cash 9,855 8,768 20,931   Trade payables 4,229 5,580 3,520
Marketable securities 176 173 147   Tax and social security liabilities 725 502 1,185
Prepaid expenses 387 300 261   Other debts and deferred income 713 1,352 1,003
CURRENT ASSETS 17,167 15,480 26,907   PAYABLES 16,653 18,921 18,163
TOTAL ASSETS 21,595 21,577 31,785   TOTAL LIABILITIES 21,595 21,577 31,785

The reduction in fixed assets is due to (i) the depreciation of the Pomacle-Bazancourt production unit commissioned at the end of 2022, (ii) the repayment of the guarantee at the end of one of the subsidy projects and (iii) the impairment of capitalised expenses specifically related to the 2,000 ton plant project.

Inventories decreased and receivables increased following delivery and invoicing of the first tonnes of IsonaturaneTM 12 at the end of the first half.

The cash balance increased by €1.1 million in the first half. Capital increases generated a net inflow of €6.5 million, supplemented by the receipt of subsidies and trade receivables (€2.7 million). Cash flows from operating activities accounted for most of the cash outflows over the period (€7.7 million) and were heavily impacted by IsonaturaneTM 12 production costs.

Highlights of the first half of 2023, recent events and outlook

-        Successful delivery of the first tons of IsonaturaneTM 12

To meet orders placed by major cosmetics companies including L’Oréal, Global Bioenergies has set up a dedicated value chain, partly subcontracted, and delivered several tonnes of IsonaturaneTM 12 in H1 2023. Although the associated revenue is substantial, the corresponding production costs remain considerably high and this business activity, which will not generate a significant margin for the Company, is now no longer a priority. The Company is currently focusing all its efforts on building a larger plant.

-        ASTM certification for sustainable aviation fuel from Global Bioenergies technology

The aviation industry requires all of its fuels to be certified by ASTM. Sustainable aviation fuels (SAF) are certified worldwide in accordance with the ASTM D7566 standard, which sets out the fuel specification requirements and maximum blending percentage with conventional fuels. The standard allows SAFs to be considered as “drop-in” fuels, meaning that they can be blended up to 50% with fossil kerosene and can be safely used in airliners and existing infrastructure worldwide.

Global Bioenergies obtained certification for its process in June 2023 marking the starting point for the roll-out of its sustainable aviation fuel technology. In order to become a major player in this field, production costs still need to be reduced significantly in order to be compatible with market prices. The Company aims for a share of the European SAF market in 2030, when the mandatory minimum share of sustainable aviation fuels will be raised to 6% in Europe.

  • Focus on the larger scale plant project

Global Bioenergies has decided to adjust its roadmap to focus as of now on building a large-scale plant capable of producing up to 10,000 tonnes of isobutene and derivatives per year. This increase in production volume coupled with a reduction in selling prices will enable the Company to meet the needs of the cosmetics market more broadly and then gradually penetrate the Sustainable Aviation Fuel market. The plant would start operations at the end of 2027. Global Bioenergies will release design and construction schedules by the end of 2023.


Global Bioenergies substitutes products of fossil origin with products of natural origin. In their quest for naturalness without compromising on performance, the cosmetics players are the Company's first customers. By 2027, the Company will be operating its innovative process in a large-scale plant. By 2030, the Company plans to become a leader in the huge emerging market for sustainable aviation fuels, in order to fight against global warming. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 - ALGBE). L'Oréal is its largest shareholder, with a 13.5% stake.


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