Vénissieux, April 30, 2024
BOOSTHEAT (FR001400IAM7 / ALBOO), a French industrial and software player in energy efficiency, presents its 2023 annual accounts approved by the Board of Directors on April 29, 2024. The audit procedures are being finalized and the annual financial report will be published as soon as possible, giving the statutory auditors time to finalize their analysis of the risks linked to the principle of continuity of operation.
I SUCCESSFUL OPERATIONAL REPOSITIONING OF THE COMPANY
Since the start of the 2023 financial year, BOOSTHEAT has made a major strategic pivot, serving the acceleration of the ecological transition, under the leadership of HBR Investment Group and as part of a continuation plan validated by the Court of commerce of Lyon in May 2023.
The Company is now focused on:
The activity
Thermal Compression Solutions
around his
single thermal compressor
using CO
2
as a refrigerant, an innovation which opens the way to a new generation of heat pump making it possible to significantly optimize energy consumption while reducing the environmental impact of heating solutions;The activity
BOOSTHEAT S
3
(Software Solutions & Services) around its
new ImpliciX software solution
which allows industrial companies to optimize the performance of their products as well as their maintenance operations, the objective being to reduce costs and gain efficiency during product deployment.
For its compression activity, BOOSTHEAT has focused its efforts on innovation with the intersection of thermal compression and energy hybridization. This research work, which mobilized the teams during the first half of 2023, resulted in the development of a hybrid compressor, the foundations of which were laid in a patent in 2019 but unused until now. Thanks to the tests successfully carried out during the second half of 2023 and continued in early 2024, this strategic direction has led the Company to offer new disruptive solutions to manufacturers, opening the way to new potential partnerships, particularly in the biogas sector.
At the same time, BOOSTHEAT has expanded its software portfolio with the development and presentation of its ImpliciX solution, aimed at strengthening energy efficiency for players in energy production. This pilot solution that can be deployed to manufacturers aims to lay the foundations for a future marketable solution and establish industrial partnerships in 2024.
I VERY CLEAR IMPROVEMENT IN RESULTS IN THE SECOND HALF OF 2023
At the same time, the analysis of the 2023 annual results demonstrates significant progress since taking control of the Company. The accounts of 2
n/a
half-year 2023 are thus significantly improving on all intermediate management balances compared to 1
er
semester 2023.
|
Results in €k |
2022 |
H1 2023 |
H2 2023 |
2023 |
Exploitation product | 672 | 627 | 1,855 | 2,482 |
Exploitation charges | 11,736 | 3,694 | 3,542 | 7,236 |
|
Operating profit |
-11,064 |
-3,067 |
-1,687 |
-4,754 |
bottom line | -171 | -86 | -309 | -395 |
|
Current result |
-11,235 |
-3,153 |
-1,996 |
-5,149 |
exceptional result | 439 | -22,253 | -11,896 | -34,149 |
|
Net profit |
-10,395 |
-25,319 |
-13,631 |
-38,950 |
Thus, operating income improved by almost 50%, going from -€3,067 thousand to 1
er
half-year 2023 at -€1,687 thousand in 2
n/a
half-year 2023, thanks to the reduction in fixed costs and the proceeds from repositioning operations (dismantling and sale of old equipment, resetting stocks to their fair value).
After taking into account the financial result, the current result also improved significantly, going from -3,153 K€ to -1,996 K€ in 6 months.
Even the exceptional result, composed almost exclusively of calculated charges, without impact on cash flow, mainly linked to the accounting treatment of the conversion penalties of the financing contract subscribed to with ITTO, increased significantly, going from -22,253 K€ to -11 €896,000.
Ultimately, the half-year net result amounts to -€13,631 thousand compared to -€25,319 thousand.
The table above demonstrates the very clear improvement also visible on an annual basis between the 2022 and 2023 accounts (excluding exceptional results).
I A SPECTACULAR CLEANUP OF THE BALANCE SHEET
At the balance sheet level, the repurchase operations of bond and bank debts by HBR Investment Group and the direct payments made by it have enabled BOOSTHEAT to massively reduce its debt.
As of December 31, 2023, the total amount of debts is only €3,983 thousand compared to €20,782 thousand a year earlier. This amount includes €1,280,000 of bond issues not yet converted and not intended to be settled in cash.
At the end of 2023, BOOSTHEAT had gross cash flow of €191,000 and a maximum residual financing capacity of €22,780,000 to cover the company’s financing needs over the next 12 months.
* * *
Find all the information about BOOSTHEAT on
www.boostheat-group.com
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 into highly energy-consuming applications. BOOSTHEAT has designed and developed a thermal compressor protected by 7 families of patents making it possible to significantly optimize energy consumption to move towards reasonable and relevant use of resources.
BOOSTHEAT is listed on Euronext Growth in Paris (ISIN: FR001400IAM7).
I CONTACTS
NEWS finance & communication – Jérôme FABREGUETTES LEIB
Investor Relations
Such. : 01 53 67 36 78 / [email protected]
NEWS finance & communication – Anne-Charlotte DUDICOURT
Press relations
Such. : 06 24 03 26 52 / [email protected]
Warning :
The company BOOSTHEAT has set up financing in the form of ORA with the company Impact Tech Turnaround Opportunities (ITTO), which, after having received the shares resulting from the reimbursement or exercise of these instruments, is not intended to remain a shareholder of the Company.
The shares resulting from the redemption or exercise of the above-mentioned securities will, in general, be sold in the market very quickly, which may create strong downward pressure on the share price.
Shareholders may suffer a loss of their invested capital due to a significant decrease in the value of the Company’s stock, as well as significant dilution due to the large number of securities issued to the benefit of Impact Tech Turnaround. Opportunities (ITTO).
Investors are advised to be very vigilant before making the decision to invest in the securities of the Company admitted to trading which carries out such dilutive financing transactions, particularly when they are carried out successively. The company recalls that this dilutive financing operation is not the first that it has implemented.
I APPENDICES (PDF version only)
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