(AOF) – Metabolic Explorer (-8.23% to 0.57 euros) announces that its consolidated gross cash flow amounts to 47.9 million euros as of June 30 compared to 13.5 million euros as of December 31, 2022 Cash flow net of debt stands at -68.4 million euros compared to -38.6 million euros as of December 31, 2022.
“Given the level of activity, competitive pressure and the cost of inputs, tension persists in the Group’s cash flow” indicates the specialist in industrial fermentation allowing the manufacture of ingredients of natural origin intended for markets animal nutrition, cosmetics and biopolymers.
He “anticipates that this tension will continue in the quarters to come.”
The company works with its partners to “search for new levers in order to restore its profitability and ensure its financing”.
The half-year net loss reached 16.9 million euros compared to 18.4 million a year ago, for a turnover falling from 129.3 million to 69.1 million euros. Ebitda was negative at 9.7 million compared to 7.4 million a year ago.
“The Group’s activity in the first half continued to take place in a difficult economic context weighing on sales” underlines the group, citing “an erosion of sales of commodities despite a more favorable commercial dynamic on specialties”, a price energy (set in advance for 2023) which “remains high” and “constant inflation of European sugar whose price has doubled over the last twelve months, with a level well above the price of world sugar”.
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Nothing is going well for German chemistry
German chemicals, very dependent on Russian gas, are in difficulty. Following sluggish sales in the automotive sector and falling demand in construction, production is down 8.5% in 2022, with overall turnover down 1.6% to 63.1 Billions of Euro’s. Specialty chemistry is doing better. On the other hand, the rate of utilization of production capacities in basic chemicals has slowed significantly to reach less than 80%. The third German industrial sector is tempted by relocation to the United States, where energy costs are much lower. With the Inflation Reduction Act, the United States has established an environment appropriate to current challenges.