(Boursier.com) — In 2022, Enertime delivers a turnover down -7.9%, despite a recovery in activity observed in the 2nd half, up 20.5% (to 0.9 ME). It stands at 2 million euros, and reflects the final effects of the health crisis.
In order to support the fulfillment of the order book (China, Bulgaria, South Africa) and the deployment of the service offer of the Circular Energy subsidiary, Enertime has accelerated its recruitment actions. With 54 employees (including 6 external service providers) at the end of 2022, the workforce has increased by 45%. In a tight recruitment market, the arrival of new talent illustrates the attractiveness of the company. Enertime recorded an increase in its operating expenses of 1.2 ME including, among other things, personnel costs up by +0.4 ME.
Estimated operating income for the 2022 financial year stands at -4.1 ME (-2.3 ME a year earlier) and includes a sharp increase in depreciation and amortization charges linked to the start of R&D amortization high temperature machines (0.9 ME in 2022 against 0.2 ME in 2021). After accounting for financial charges, exceptional income and the Research Tax Credit, the estimated 2022 net income stands at -4 ME against -2.2 ME in 2021.
Reinforced financial structure
At the end of December 2022, Enertime had €2.4 million in equity and quasi-equity. In March 2022, the company set up a line in the amount of 2 ME of bonds convertible into shares at a fixed price of 2.28 euros for the first tranche of 1 ME and 1.88 euro for the second tranche of 1 ME and repayable monthly in cash, partially replacing the ODIRNANES line set up with the investment fund YA II PN Ltd in December 2020. At the same time, Enertime signed an amendment to the financing contract in ORDINANE in order to reduce the total amount of the line from 10 ME to 6 ME and the maximum amount per eventual drawing from 5 ME to 2 ME. This line was reduced to 2 ME in December 2022 and its validity extended by one year.
The investment fund YA II PN also converted in June 2022, 100 kE of the second line of convertible bonds at the fixed conversion price, i.e. 1.88 euro per share. A second conversion of 188 kE took place in September 2022 before the full early redemption of this second line by the company on September 20, 2022.
Enertime has cash of 2.3 ME at the end of December 2022, a sharp increase compared to December 31, 2021 (0.3 ME). Enertime thus has the necessary financial resources to ensure the continuity of operations over the next twelve months and is studying the opportunities for recourse to more conventional financing to support its strong development.
Outlook
Enertime starts the 2023 financial year with an order book of 9 ME, of which more than half should be recognized in turnover for the current financial year and the balance mainly in 2024. Beyond its order book, Enertime has a commercial pipeline of 60 ME.
Enertime approaches this new fiscal year with confidence in its ability to deliver its order book and accelerate its commercial development to fully meet the urgent needs of manufacturers in their search for turnkey solutions for a low-carbon industry. In this context, Enertime anticipates a growth trajectory from 2023 and operating income close to break-even in 2024.