2024 financial statements: significant reduction in net loss
Evry, 03 February 2025 – 5:45pm: Global Bioenergies' Board of Directors today approved the 2024 annual financial statements, which have been audited by the Statutory Auditor and show a significantly reduced loss of €-5.9M.
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, comments: “In two years, we have managed to halve our net loss (€-12.0M in 2022, €-8.7M in 2023 and €-5.9M in 2024). The Company has reorganized itself to match its new partnership development model, which enables us to reduce expenses by optimizing allocated resources. We anticipate that 2025 will result in a further reduced net loss.
We are also holding discussions with our banking partners to negotiate the payment schedule of our debts, aiming at postponing any repayments beyond 2025, which would extend our financial visibility with our current cash position until September 2025. If we were unable to reach an agreement with our banking partners in the coming months, new financing would be required to meet our debt repayments”.
Marc Delcourt, co-founder and CEO of Global Bioenergies, adds: “Our new technical approach, which will combine our technology with the one of a major international industrialist, will enable us to drastically reduce the CAPEX1 and OPEX2 of isobutene production and its conversion into SAF. We can now set our sights very high in this field: to take over from HEFA, the only commercially exploited technology to date, but which will soon plateau because it relies on limited resources (used cooking oil and tallow oil). We are more convinced than ever of the need to provide decarbonizing solutions in a world that sometimes seems resigned to global warming and its many consequences”.
Group Profit & Loss Account
€ thousands
from 01/01/24 to 30/12/2024 12 months
from 01/01/23 to 31/12/2023 12 months
from 01/01/22 to 31/12/2022 12 months
Operating income
4,692
8,910
1,715
Operating expenses
-11,436
-18,621
-14,907
Operating profit (loss)
-6,744
-9,711
-13,192
EBITDA
-4,428
-6,878
-11,383
Financial profit
59
107
-95
Non-recurring items
-428
-239
-147
Income tax (CIR)
-1,251
-1,187
-1,447
Net income (loss)
-5,861
-8,656
-11,986
Details of operating income
Details of operating income (€ thousands)
2024
2023
2022
Sales
361
3,249
698
Operating subsidies
4,188
2,698
895
Change in inventories
-312
1,530
-118
Other
455
1,432
240
TOTAL
4,692
8,910
1,715
Operating income consists mainly of operating subsidies recognized under the Isoprod and Prénidem projects from ADEME.
Details of operating expenses
Details of operating expenses (€ thousands)
2024
2023
2022
Staff
4,174
4,553
4,287
Laboratory
390
346
343
Industrialization/Commercialization
1,506
8,778
6,713
Rentals and maintenance
1,060
1,034
850
Intellectual property
320
390
323
Amortization
2,386
1,590
703
Other
1,600
1,931
1,688
TOTAL
11,436
18,621
14,907
Operating expenses have decreased mainly on industrialization and production items, as the work carried out during the first half of the year on the demo plant at Pomacle Bazancourt was brought to completion. No such expenditure was necessary in the second half of the year.
Group Balance Sheet
Assets(€ thousands)
31/12/24
31/12/23
31/12/22
Liabilities(€ thousands)
31/12/24
31/12/23
31/12/22
Intangible assets
69
327
539
Capital
908
906
749
Tangible assets
486
2,471
3,612
Share premium
-
10,538
16,029
Assets under construction
-
77
401
Balance carried forward
-918
-2,769
-2,708
Financial assets
349
341
1,546
Profit (loss)
-5,861
-8,656
-11,986
Equipment subsidies
129
2,758
463
NON-CURRENT ASSETS
904
3,217
6,097
EQUITY
-5,742
2,778
2,547
Inventories
402
219
2,592
PROVISIONS
198
53
110
Receivables
3,144
2,247
3,647
Conditional advances and loans
13,088
12,451
11,486
Cash
4,692
11,673
8,768
Trade payables
1,475
2,411
5,580
Marketable securities
171
171
173
Tax and social security liabilities
625
559
502
Prepaid expenses
338
378
300
Other debts and deferred income
7
3
1,352
CURRENT ASSETS
8,746
15,038
15,480
PAYABLES and DEFERRED INCOME
15,195
15,423
18,921
TOTAL ASSETS
9,651
18,254
21,577
TOTAL LIABILITIES
9,651
18,254
21,577
The Group's balance sheet shows a gross cash position of €4.7M at 31 December 2024. The Company is currently holding discussions with its banking partners to negotiate the payment schedule of debts. Excluding bank repayments, monthly cash consumption is around €0.6M.
2024 highlights and recent events
2024 was marked by the efforts made and then the decision to stop the search for financing the project to build a 2,500-ton plant dedicated to cosmetics, in a general context that was highly unfavorable to financing first industrial projects. The Company then decided to redirect its efforts in SAF by forging partnerships with major manufacturers to strengthen the competitiveness of its process by 2030. In the meantime, the Company is maintaining its ambitions in the cosmetics sector, which serves as a steppingstone for the SAF market (same molecules, same process).
As a reminder, the Company's process is one of only a dozen solutions to be ASTM certified. The Company has developed a process for producing SAF from plant-based resources, and has also demonstrated through a proof-of-concept that its process could be used to produce e-SAF, i.e. from a resource derived from the combination of CO2 and hydrogen produced from renewable electricity, in this case e-acetic acid, which could be produced by industrial players in the future. Europe favors the use of e-SAFs going forward, as they have the advantage over bio-SAFs of not requiring plant products or agricultural or forestry land.
As part of its strategic repositioning, the Company announced today3 that it has signed a Term Sheet with a major international industrialist to co-develop a SAF production process combining its technology with the partner's proprietary technology. This combination will significantly reduce capital expenditure and production costs, making it the most promising technology to take over after the HEFA4 process.
About GLOBAL BIOENERGIES
As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L'Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 - ALGBE).
Nicolas Merigeau globalbioenergies@newcap.eu +33 (0)1 44 71 94 98
1 CAPEX: Capital Expenditures 2 OPEX: Operational Expenses 3 Press Release: Signature of a term sheet to combine two technologies and bring SAF production to the next level, 03 February 2025 4 HEFA: Hydroprocessed Esters and Fatty Acids
