{"id":4425,"date":"2022-09-29T18:00:03","date_gmt":"2022-09-29T16:00:03","guid":{"rendered":"https:\/\/amoeba-nature.com\/?p=4425"},"modified":"2022-09-29T18:14:39","modified_gmt":"2022-09-29T16:14:39","slug":"amoeba-announces-its-half-year-results-for-2022","status":"publish","type":"post","link":"https:\/\/amoeba-nature.com\/en\/amoeba-announces-its-half-year-results-for-2022\/","title":{"rendered":"Amoeba announces its half-year results for 2022"},"content":{"rendered":"<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<h1 class=\"has-text-align-center wp-block-heading\"><strong>Amo\u00e9ba announces its half-year results for 2022<\/strong><\/h1>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>Chassieu (France), September 29, 2022 &#8211; 6:00 pm &#8211; AMO\u00c9BA (FR0011051598 &#8211; ALMIB),&nbsp;<\/strong>producer of a biological biocide capable of eliminating bacterial risk in water and human wounds, and of a biocontrol product for plant protection, still in the development phase, today announced its half- yearly results for 2022.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Board of Directors, which met on 29 September 2022, approved the Company&#8217;s consolidated accounts for the first half of 2022.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Statutory Auditor has carried out a limited review&nbsp;at the Company\u2019s request&nbsp;of the consolidated financial statements for the six months ended 30 June 2022 and has not identified any material misstatements that would call into question their conformity.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The half-year report is being issued and will be available on the company&#8217;s website (www.amoeba- nature.com) in the next few days.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>Operational results in line with 2021 and financial debt restructuring<\/strong><\/p>\n<\/div><\/div><\/div>\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"373\" src=\"https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1-1024x373.png\" alt=\"\" class=\"wp-image-4396\" srcset=\"https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1-1024x373.png 1024w, https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1-300x109.png 300w, https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1-768x280.png 768w, https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1-400x146.png 400w, https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/Tableau-1-1-1.png 1208w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The\u00a0<strong>operating result\u00a0<\/strong>for the six months to 30 June 2022 was a loss of K\u20ac2,860, compared with a loss\u00a0of K\u20ac2,884 in the first half of 2021. No significant impairment was recorded during the periods\u00a0presented.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<ul class=\"wp-block-list\"><li>The company did not generate any revenue during the first half of 2022.<\/li><li>Industrial deployment costs\u00a0were \u20ac130k higher than the previous year.<\/li><li>Research and Development expenses\u00a0net of grants were \u20ac1,055k, compared to \u20ac819k in H12021.<\/li><li>Marketing and sales\u00a0expenses are up 71% on the previous year (\u20ac192k at 30 June 2022 versus \u20ac112k at 30 June 2021<\/li><li>General and administrative\u00a0expenses were down at 30 June 2022 to \u20ac1,097k, or\u00a0-30% compared to the previous year.<\/li><li>The financial result\u00a0mainly includes interest expenses related to bank loans of \u20ac1,549k (compared to \u20ac1,434k in the first half of 2021) and changes in the fair value of financial\u00a0derivatives of \u20ac335k (compared to \u20ac154k in 2021).<\/li><\/ul>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The\u00a0<strong>net result\u00a0<\/strong>for the first half of the year is therefore -\u20ac4,726k.The Company&#8217;s\u00a0<strong>cash position\u00a0<\/strong>at 30 June 2022 was \u20ac2,752k compared to \u20ac7,274k at 31 December\u00a02021.<br>The decrease in cash is explained by :\u2022\u00a0cash flow from operations of &#8211;\u00a0\u20ac2,682k;<br>\u2022\u00a0cash flow from investment activities of -\u20ac40k;<br>\u2022\u00a0cash flows from financing activities of &#8211;\u00a0\u20ac1,802k, mainly due to the issue of bonds\u00a0for \u20ac5,760kin the first half of 2022 and the full repayment of the EIB loan for \u20ac6,070k.As at 30 June 2022, the Company&#8217;s shareholders&#8217;\u00a0<strong>equity\u00a0<\/strong>amounted to \u20ac3.7m compared to \u20ac0.2m as\u00a0at 31 December 2021.The Company&#8217;s\u00a0<strong>financial debt\u00a0<\/strong>amounted\u00a0to \u20ac4.8m. It is mainly made up of the OCAPI loan (\u20ac4.3 million) and debts linked to rental obligations (\u20ac0.4 million), the EIB loan having been fully repaid on\u00a030 June 2022.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>A first semester mainly marked by the progress of regulatory marketing files, the continued development of the biocontrol application and the early repayment of the EIB loan<\/strong>During the first half of 2022, Amo\u00e9ba focused on the following main areas:<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><br>1.\u00a0<strong>Follow-up of the marketing authorisation applications for the biocontrol and biocideapplications<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>used in accordance with good plant protection practice and under realistic conditions of use.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>\u2022&nbsp;Biocidal application<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>On 03 May 2022, the Company announced that the MCCAA (Malta Competition and Consumer Affairs Authority), the competent authority of the reporting Member State (Malta) evaluating the application for approval of the biocidal active substance &#8220;<em>Willaertia magna&nbsp;<\/em>C2c Maky&#8221;, recommended its non-approval for biocidal use in cooling towers in Europe.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>On the basis of the application dossier for approval of the biocidal active substance &#8220;<em>Willaertia magna&nbsp;<\/em>C2c Maky&#8221;, the Maltese authority concluded in its draft report that the active substance is not likely to meet the approval criteria, considering that the innate efficacy has not been sufficiently demonstrated and that a Trojan horse effect cannot be excluded under realistic conditions of use. However, a few weeks later, the US EPA issued a favourable pre-notification for the use of the amoeba&nbsp;<em>Willaertia Magna&nbsp;<\/em>C2c Maky in closed cooling systems (see below &#8220;Recent developments and prospects&#8221;) in the United States.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>2.Further development of the biocontrol application and launch of a new massive field trial campaign for 2022<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>In the first half of 2022, the company has started a new field trial campaign for its biocontrol product, focusing on :<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<ul class=\"wp-block-list\"><li>Trials for the European marketing authorisation of the selected formulation on grapevine downy mildew<\/li><li>After the excellent results obtained in 2021, the intensification of the powdery mildew programme on vines<\/li><li>Intensification of the programme against mildew and powdery mildew on market garden crops in order to prepare future MA applications<\/li><li>Continuation of the cereals programme, in particular against rusts, septoria and fusarium head blight.<\/li><li>Trials on new targets: in particular apple scab, a major subject, following promising results obtained in climatic chambers.<\/li><li>Continued evaluation against soybean rust and coffee rust\u00a0<strong>Financing<\/strong>The Company announced the issuance of the fourth and fifth tranches of 60 bonds convertible into shares in the framework of its bond financing with an incentive programme concluded with Nice &amp; Green.In addition, Amo\u00e9ba finalised the restructuring of its debt by prepaying the entire EIB loan.<\/li><\/ul>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>3.<strong>Financing<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Company announced the issuance of the fourth and fifth tranches of 60 bonds convertible into shares in the framework of its bond financing with an incentive programme concluded with Nice &amp; Green.In addition, Amo\u00e9ba finalised the restructuring of its debt by prepaying the entire EIB loan.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>4.Changes in governance<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The General Meeting of Shareholders of 24 May 2022 ratified the appointment as directors of Mr Philippe DUJARDIN to replace Mr Pascal REBER, who resigned and Mrs Sylvie GUINARD, replacing Mrs Claudine VERMOT-DESROCHES, who has resigned.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>Mr Philippe DUJARDIN and Ms Sylvie GUINARD will hold office for the remainder of their predecessors&#8217; term of office, i.e. until the end of the Ordinary General Meeting of shareholders to be held in 2023 to approve the financial statements for the year ending 31 December 2022.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>In addition, the General Meeting of Shareholders of 24 May 2022 ratified the appointment of Mr Pascal REBER as Censeur.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>Mr Pascal REBER will exercise the said functions for a period of three (3) years, i.e. until the end of the Ordinary General Meeting of Shareholders to be held in 2024 to approve the accounts for the financial year ending 31 December 2023.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>Impact of the COVID-19 health crisis and the war in Ukraine on the accounts at 30 June 2022<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>At the date of this half-yearly report, the Company considers that its activities have not been significantly impacted by the health crisis.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The production of the active substance necessary to carry out the field tests could continue under normal operating conditions. The health crisis had no impact on the preparation and monitoring of current regulatory dossiers. The Company made limited use of the partial activity mechanism and did not request an EMP.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Company does not yet market its products and does not recognise any significant turnover to date. The Covid-19 crisis had little impact on its income statement.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Company has no activities in Russia or Ukraine. However, the Company&#8217;s activities could be impacted by the direct or indirect consequences of the conflict, which it is not possible to quantify precisely at this time.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><strong>Recent developments and prospects<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>Following the US EPA&#8217;s preliminary favourable decision on the use of the amoeba&nbsp;<em>Willaertia Magna&nbsp;<\/em>C2c Maky in closed cooling systems (see press release of 10 August 2022), Amoeba is currently refining its market analysis on this restricted type of system in order to evaluate its commercialization potential.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>On 29 September 2022, the company has received from the United States Environmental Protection Agency (US EPA) a positive pre-decisional determination following its assessment of the application dossier for the use of the Lysate of\u00a0<em>Willaertia magna\u00a0<\/em>C2c Maky as a biocontrol active ingredient (biopesticide) in agriculture. The US EPA has concluded that the Lysate of Willaertia magna C2c Maky has a low toxic profile for human health and the\u00a0environment, and that its \u201cmode of action contributes\u00a0to its attractiveness as viable alternative to conventional pesticides making it a valuable addition to\u00a0the pesticide tool kit\u201d.\u00a0Therefore, the EPA is proposing to grant the unconditional registration of lysate of\u00a0<em>Willaertia magna\u00a0<\/em>C2c Maky as a new active ingredient and supports a pesticidal food use and non- food use.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>The Company is pursuing its project to set up its first biocontrol plant. This plant would be located in France and should be operational in 2024 to satisfy the start of the marketing of biocontrol products. It should represent an estimated investment of between 15 and 17 million euros for which Amo\u00e9ba will have to seek new financing from the 4th quarter of 2022.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p>At the date of closing of the accounts, the Company has sufficient net working capital to meet its obligations and cash requirements over the next twelve months, as the Company believes it can meet its commitments.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"medium-large-full\">\n<p><a href=\"https:\/\/amoeba-nature.com\/wp-content\/uploads\/2022\/09\/220929_Amoeba_CP_resultats_semestriels_VDEF-EN.pdf\">Read the press release in PDF <\/a><\/p>\n<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Amo\u00e9ba announces its half-year results for 2022 Chassieu (France), September 29, 2022 &#8211; 6:00 pm &#8211; AMO\u00c9BA (FR0011051598 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-4425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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