(Boursier.com) — The 2022 turnover ofAfyren amounted to 3.5 million euros, up +14% compared to 3 ME in 2021. Revenue is mainly made up of products from patent licenses and know-how, stable over the year, and the various contracts signed with Afyren Neoxy, an increase compared to 2021 due to various technical services provided as part of the start-up of the plant.
Net current operating expenses amounted to 8.8 ME (5.2 ME at the end of 2021), the increase of 3.6 ME being mainly attributable to the increase in personnel expenses as well as external purchases and expenses (+ 0.8 ME).
Net income stands at -9.2 ME at the end of 2022 (-3.6 ME at the end of 2021). This net loss is in line with the company’s expectations, in a phase where the Afyren and Afyren Neoxy teams are fully mobilized for the start-up of the first plant and the preparation of the next ones.
At the end of 2022, Afyren posted a solid balance sheet and shareholders’ equity of 71 ME, the drop compared to 2021 being attributable to the net loss for the 2022 financial year. Total financial debt is limited to 8.1 ME. At the end of 2022, Afyren had cash of 62.3 ME. Cash consumption over the year was limited to €4.8 million, of which more than €2 million was attributable to R&D and development costs for future factories.
Outlook
As part of its growth strategy, the company is aiming for three production sites (factories) by 2027 for an installed capacity of around 72,000 tonnes. The cumulative production turnover of the 3 plants is expected to exceed 150 ME for a target current EBITDA margin at Group level of around 30%.
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