Carbios: Acceleration Of Development Visible In Results
Edison | Apr 11, 2016 10:02AM ET
Carbios (PA:ALCRB) is accelerating development to reach the industrialisation stage of its biodegradation and bioproduction processes for plastics. 2015 results were characterised by the impact of expansion on operating expenses. The company has reported an acceleration of net losses to €3.1m. Nevertheless, cash outflow remained under control at €2.2m. Net cash of €8.8m leaves the company well-funded to conclude the Thanaplast project and move to a stage where it generates commercial revenues. Our valuation range remains unchanged at €23-37 per share.
Results show evidence of expansion
Carbios has reported 2015 results that were characterised by the impact of faster than anticipated development. Revenues rose to €837k on the back of catch-up subsidy payments. Losses accelerated beyond our forecast as a result of the aforementioned speedier expansion: EBIT loss was €4.1m (Edison €3.6m) and net loss €3.1m (Edison €2.7m). Nevertheless, net cash outflow was in line with our forecast, at €2.2m. The company finished the year with net cash of €8.8m.
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