01. Oct 2018

Bio-on reports results first six months 2018

The board of directors of PHA specialist Bio-On S.p.A., which met on 28th September 2018, has approved the six-monthly consolidated report of 30 June 2018.

mThe company showed a markedly improved performance compared to the same period in the preceding year, reporting operating revenue in the first half of 2018 of €6,122,476 (+885%), up €621,880 compared to the first half of 2017.
EBITDA in the first half of 2018 was €1,993,166 (+213%) compared to -1,759,953 Euro in the first half of 2017: a strong increase thanks to new licenses granted in relation to recent technologies.
Group Shareholders Equity, at €44m, was down €3 million (-6 %) from the €47m recorded on 31 December 2017, while the overall net financial position at 30 June 2018 was €16m lower(-68%), down to 7.8 million Euro, compared to the €24m reported on 31 Dec 2017, mainly due to the partial use of financial assets to invest in the Castel San Pietro Terme plant.
Group operating income in the first half of 2018 was 1.8 million Euro, compared to -1.9 million Euro in the same period last year (+193%). Compared to 2017, the company generated high EBITDA in the first six months of 2018, guaranteeing operating costs will be covered for the next period. In consideration of the nature of the Company's and the Group's business, whose revenue has historically been much more concentrated in the latter part of the year, we are preparing to manage a further major increase in revenue in the second half of the year.

One of Bio-On S.p.A.'s greatest successes in this six-month period was the finalisation of a new €6m license agreement. Total revenue, already matured and collected for the period January 2018 to September 2018, therefore comes to €12m, which will boost the Group's Shareholders Equity. As occurred in previous years, further major licenses are expected to come into effect during the last quarter, in particular one worth €18m, which includes the supply of proprietary equipment currently being finalised.

At the same time, the company inaugurated its own production plant in June 2018, opening up new growth opportunities and boosting its research and development capability. Its growing number of Business Units rose to 6 over the last 12 months. The FDM BU (Fashion Development Material) was launched in September 2018 and will work with the luxury clothing sector.

The company is also looking to move to a larger financial market to improve visibility on the markets.

“For our company, the conditions are now in place to move to a larger market,” says Guy Cicognani, Vice Chairman of Bio-On SpA, “that can take full advantage of the progress we have made in the last 4 years. In addition to Milan, we are attracting attention from the world's major markets such as London, Paris and New York. Our company has always been internationally-focused and this is why we will choose the best international financial market with great care. Any operation will be done with the precise goal of protecting and taking full advantage of the contribution of our investors, who have been key in the growth we have seen in recent years.”

“Our company has entered a new phase,” says Marco Astorri, Chairman and CEO of Bio-on SpA. “Thanks to our growing number of patents to protect our applications, the possibility of developing in new sectors and markets has also increased. The value of Bio-On has significantly grown since the IPO thanks to the increasing number of high quality patents, the recent launch of new companies dedicated to developing large-scale market sectors and the participation of partners that are already world-leaders in their sectors.”

The licensing activity continues as normal and has excellent prospects for the near future.

“This is an extraordinary opportunity for Bio-On,” says Vittorio Folla, Bio-on S.p.A General Manager, “thanks to the high growth in demand for special “green” plastics, with higher growth trends than conventional plastics. The expected demand for special bioplastics in the near future,” continues Folla, “will mean more PHA production plants will be built, enabling Bio-On to grant new licenses, including in the top price bracket”.

Regulatory changes implemented by many countries in 2017 and 2018 to rapidly phase out conventional polymers, particularly in human health-related applications (e.g. cosmetics and clothing), have led to higher demand for PHAs bioplastics.
“Bio-On is able to offer ideal solutions to this increased demand in a position of technological leadership consolidated over the last 10 years,” explains Astorri, “and made even more evident by our commitment to make our Castel San Pietro Terme plant fully operational by the end of 2018. The entire company is committed to making its biodegradable micro powders available on the market as soon as possible. As well as reducing pollution, they will also help consolidate the generation of new patents and the operations of the newly set up companies and of those to be announced in the coming weeks.”

All PHA bioplastics (polyhydroxyalkanoates) developed by Bio-on are made from renewable plant sources and do not compete with food supply chains. They guarantee the same thermo-mechanical properties as conventional plastics with the advantage of being 100% eco-sustainable and naturally biodegradable. They are certified as biobased by USDA (United States Department of Agriculture) and as biodegradable in water and soil by Vincotte. They are also certified as completely natural in the cosmetics sector.

http://www.bio-on.it 

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