A TRANSITIONAL YEAR 2022 FOR BOOSTHEAT
A COMPANY REDEFINED AND COMMITTED TO ITS
NEW ROADMAP FOR 2023
BOOSTHEAT (FR0011814938 / BOOST), industrial player in the field of energy efficiency technologies in France
announces its results for the 2022 financial year. The accounts were approved by the Board of Directors on June 19, 2023. The audits have been carried out and the annual financial report is available on the BOOSTHEAT website ( www.boostheat-group. com).
”
The 2022 financial year was marked by many upheavals in the life of BOOSTHEAT with the end of the sale of the heat pump, the search for a buyer and the entry into a safeguard procedure in October 2022 , a necessary step to preserve the company. The entry of HBR Investment Group marked a turning point in the history of BOOSTHEAT with the development of a new roadmap to relaunch the company on more solid foundations. Considerable work has been carried out to clear the liabilities and pass all the necessary impairments during the 2022 financial year to enable a restart on a good basis.
This year 2023 is starting in very good conditions with the validation of BOOSTHEAT’s backup plan and therefore its new strategy. The course is now well set for all. With a redesigned Company and a funded turnaround plan, BOOSTHEAT is embarking on an important year in 2023 for its history. The teams are at work for the success of this turnaround project and benefit from my full and complete support to accompany them.
. » declares Hugo Brugière, CEO of BOOSTHEAT.
FINANCIAL INFORMATION FOR FISCAL YEAR 2022, REFLECTING A TRANSITION YEAR AND THE RESTRUCTURING WORK TO CLEAR THE BALANCE SHEET
The main financial elements are presented in the table below.
|
Results in k€ |
2021 |
2022 |
Turnover | -303 | 255 |
Operating result | -11,654 | -11,064 |
bottom line | -964 | -171 |
Net profit | -11,679 | -10,395 |
The operating result improved slightly to (11,064) K€ against (11,654) K€ as of December 31, 2021 in a context of discontinuation of marketing. It takes into account in particular a decrease in external expenses of -10%
(€5,373,000 as of December 31, 2022) and staff costs of -5% (€2,871,000 as of December 31, 2022) linked to the reduction in the workforce (19 employees as of December 31, 2022 compared to 28 a year earlier). Depreciation and amortization and provisions increased from €5,291 thousand at December 31, 2021 to €3,240 thousand at December 31, 2022. They include full depreciation of development costs (intangible assets in progress) and inventories and work in progress. Tangible fixed assets were also depreciated for an amount of €568,593, as part of the dismantling of the workshop.
The financial result improved to -€171K compared to -€964K at December 31, 2021. Net income for the 2022 financial year amounted to -€10,395K compared to -€11,679K at December 31, 2021.
At balance sheet level, financial debts amounted to €18.5 million as of December 31, 2022
[1]
(including €8 million in bond liabilities and €10.3 million in bank loans). Post-closing, the operations to buy back bond and bank receivables by HBR Investment Group and the direct payments made by it enabled BOOSTHEAT to reduce its debt massively for the entire amount. HBR Investment Group has become the sole bondholder and main creditor of BOOSTHEAT and has undertaken not to request the reimbursement in cash of its debts which may be converted into capital over time.
[2]
.
As of December 31, 2022, gross cash was €445,000. It has since been strengthened and amounted to €1.1 million as of April 30, 2023 thanks to the various fundraising campaigns subscribed with ITTO. It should be noted that in January 2023 the Company received a current account contribution of €0.5 million from HBR Investment Group.
Finally, it should be noted that no reservations were expressed on the continuity of operations by the statutory auditors, thus demonstrating the relevance of the strategy put in place and the solidity of its financing.
EVOLUTION OF GOVERNANCE
The Board of Directors meeting on June 19, 2023, took note of the resignation of Isabelle Montfort from her directorship, this mandate being incompatible with other professional missions in which she is engaged. The Board is looking for a director with solid business development experience to support the company’s new strategy.
The Board of Directors is now composed of:
– Mr. Hugo BRUGIERE, also Chairman of the Board of Directors;
– Ms. Myriam MAESTRONI, independent director;
– Ms. Claudia ZIMMER, independent director;
– Mr. Baudouin HALLO;
– Mr Emmanuel COURAUD.
”
I would like to warmly thank Ms. Isabelle Montfort and salute her commitment throughout her mandate and her high-quality individual contribution to all of the Board’s work. I wish him all the best for the rest of his professional projects.”
says Hugo Brugière, CEO of BOOSTHEAT.
A COMPANY FULLY MOBILIZED ON ITS NEW ROADMAP
Since the start of the 2023 financial year, BOOSTHEAT has been transforming the company into a design office. The teams are installed in new offices and benefit from a laboratory adapted to their new mission.
On May 23, BOOSTHEAT obtained from the Commercial Court of Lyon the validation of its safeguard plan, an essential step to enable it to initiate its turnaround plan.
[3]
. With a redefined organization structured around its two thermal compression and software activities and a sound financial situation, BOOSTHEAT is launching its new roadmap in 2023 on very good foundations. The success of this new plan will require confirming industrial interest in its solutions by the end of 2023 before embarking on a marketing plan for 2024.
BOOSTHEAT is fully mobilized to meet this new ambition and last March presented its new innovative IoT Edge software solution aimed at accelerating the experience of industrial digital transformation. Coming from the new “BOOSTHEAT Software Solutions & Services (BS3)” division, this software solution is ready to be offered to manufacturers, component suppliers (OEM), solution integrators or maintenance companies, for an initial phase of testing before its deployment, in a second step, on the basis of a business model defined later
[4]
. Very recently, BOOSTHEAT also launched Caliper, the first demonstrator of its IoT Edge solution dedicated to optimizing the energy efficiency of products.
[5]
and announced a letter of intent from an industrial player in biomass recovery for a development partnership project on the new “edge IoT” software solution resulting from the “BOOSTHEAT Software Solutions & Services (BS3 )”.
Finally, at the beginning of May 2023, a CTGN report confirmed BOOSTHEAT’s potential as part of the development of its thermal compression solution in the United States.
[6]
.
The Company will continue to inform the market of future developments in its activities.
* * *
Find all the BOOSTHEAT information on
https://www.boostheat-group.com/en/
ABOUT BOOSTHEAT
Founded in 2011, BOOSTHEAT is a player in the energy efficiency sector. The Company’s mission is to accelerate the ecological transition through the integration of its technology in highly energy-consuming applications. BOOSTHEAT has designed and developed a thermal compressor protected by 7 families of patents allowing significant optimization of energy consumption to tend towards a reasonable and relevant use of resources. BOOSTHEAT is listed on Euronext Growth in Paris, (ISIN: FR0011814938).
CONTACTS
NEWS finance & communication – Anne-Pauline PETUREAUX
Investor Relations
Such. : 01 53 67 36 72 / [email protected]
NEWS finance & communication – Serena BONI
Press relations
Such. : 04 72 18 04 92 / [email protected]
[1]
Excluding equity loan of €0.2 million
[2]
See press release of May 17, 2023
[3]
See press release of May 23, 2023
[4]
See press release of March 16, 2023
[5]
See press release of May 29, 2023
[6]
See press release of May 2, 2023
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