Voisins Le Bretonneux, 15 June 2020 – 7am
ACTIVITY AND COVID 19 IMPACT
ANNUAL RESULTS 2019
The top of 2019 and first half of 2020 disrupted by occasions
Social unrest in France on the finish of 2019, adopted by the worldwide well being disaster linked to Covid 19, has penalized the execution of a lot of the Group’s tasks. Specifically, the closing off for Three main tasks was disrupted ensuing, inter alia, in a delay within the recognition of the related revenues estimated at round € 1.Three million:
– Itochu (Japan): The 2 SLG options offered in 2019 couldn’t be delivered as scheduled on the finish of December because of the transport disruption due to roadblocks by the yellow jackets. The options had been delivered in January 2020. They haven’t but been applied in Japan because of the closure of the borders.
– Orlando (USA): the undertaking was considerably applied and executed over H2 2019 with formalization of ultimate acceptance levels deliberate in Q1 2020, earlier than the accounts had been closed, to allow income recognition in December 2019. The levels scheduled in Q1 2020 needed to be suspended however are anticipated to be finalized this summer season with a return to the consumer website from mid-June.
– Aqualia (Spain): the primary part of this multi-phase undertaking was accomplished in December 2019 however the undertaking has been frozen since March 2020. Because of the Covid 19 disaster, Aqualia and Orège have been led to re-negotiate the business phrases of this undertaking which ought to now comprise revenues being generated from achieve sharing over a number of years.
Orège’s operational exercise within the first half of 2020 has been considerably impacted by the Covid 19 disaster. All of the tasks in execution (15 signed contracts) had been stopped both in February (Japan and Lombardy-Italy) or in March.
Orège has resumed the execution of Four tasks in June and anticipates the resumption of a lot of the different tasks over the course of the summer season as and when borders reopen, air journey turns into doable once more and prospects authorize our groups to have the ability to resume undertaking execution on their websites.
On the date of this press launch, these 15 contracts beneath execution characterize some € 5 million of turnover, of which € Three million must be recorded and cashed in throughout 2020. The stability can be recorded and cashed in over the next years (leasing, long-term rental, or achieve sharing contracts).
Abstract monetary info for the 12 months ended December 31 2019.
(Consolidated monetary statements accepted by the board of administrators on June 12, 2020.
The audit procedures by the statutory auditors are being finalized)
|In okay€ – IFRS||2019
|Web working bills:|
|Payroll prices||-3 814||-4 030|
|Manufacturing, sub-contracting||-1 816||-2 350|
|Journey and subsistence bills||-829||-1 019|
|Leasing and upkeep||-460||-897|
|Different working bills||-1 510||-1 713|
|Complete internet working bills||– 9 264||– 10 797|
|Working loss||-8 329||-8 537|
|Web monetary loss||-1 859||-2 378|
|Web loss||-10 188||-10 915|
Turnover for the 12 months 2019 was 935 okay€ in comparison with 2 260 okay€ for 2018.
Complete working bills had been down 14% in comparison with the earlier 12 months. This lower is principally a results of the continual efforts to optimize the group of Orège and to scale back the prices associated to the event of SLG options.
Financing and money stream
At 31 December 2019, the Group had 237 okay€ of money and money equivalents (321 okay€ at 31 December 2018).
Monetary debt totaled 17 849 okay€, together with 15 767 okay€ of shareholder present account advances (2018: 44 975 okay€, together with 42 443 okay€ of shareholder present account advances). Web fairness was -12 186 okay€ (2018: -40 670 okay€).
The stability of undrawn shareholder present account advances assured by Eren Industries of two 350 okay€ on the date of this press launch will allow the Group to fulfill all its financing necessities for the entire 12 months in 2020.
Impression of the 2019 well being disaster and measures taken and applied by Orège
Throughout this distinctive interval, Orège administration has labored to rationalize and optimize its group, its prices and its money.
A variety of vital measures have been taken and applied since March 2020:
– A wage discount of 20% for a dozen managers (France, USA, UK) with impact from April and till the tip of 2020, with a possible claw again clause as soon as optimistic EBITDA reached.
– Implementation of the partial employment scheme for a part of the Orège workforce in France (chômage partiel) and in Nice Britain (furlough).
– Receipt of a mortgage from the USA federal authorities (PPP mortgage scheme) for an quantity of $ 180okay, a part of which must be remodeled right into a grant on the finish of 2020 (about $ 100okay)
– Early mobilization of the 2019 Analysis Tax Credit score for a price of 550okay€
– Vital discount in prices (termination of sure service suppliers and consultants, renegotiation of actual property leases, and so on.)
The outlook for Orège is a part of a improvement trajectory pushed by rising recognition of the effectivity and effectiveness of its SLG® options, the acceleration of their business deployment in high-potential regional markets, and the creation of an more and more giant put in base producing recurrent revenues and offering sturdy, seen industrial references.
A collaboration has been initiated with the Spanish group Aqualia (4th largest personal firm within the water sector in Europe) on the Toledo WWTP (Spain) for the implementation of SLG options for an progressive triple software for Orège (sludge thickening, “enhance” of anaerobic digestion and optimization of sludge dewatering).
However above all, a strategic worldwide business partnership was signed on June 12 2020 with the Scandinavian group Alfa Laval, a world chief in delivering progressive options to the wastewater therapy business (see separate press launch on June 15 2020).
The 2019 Annual monetary report (in French) will likely be out there on the corporate’s web site (www.orege.com) from 25 June 2020.
Orège has been listed on the regulated market Euronext – Paris since 5 July 2013 ISIN FR0010609206 – OREGE.
Contact Orège: Monetary info – George Gonsalves
[email protected] – mob: +33 6 08 03 50 72