GlobeNewswire

OREGE: Annual results 2020 and outlook

Share

PRESS RELEASE

Voisins Le Bretonneux, 22 April 2021 – 6 PM

ANNUAL RESULTS 2020 AND OUTLOOK
___________________________________________________________________

Summary financial information for the year ended December 31 2020.

  • Strong growth in turnover which validates the commercial approach taken by Orege in recent years
  • 15% decrease in net operating expenses, thanks to savings on the Group's fixed costs.

 (Consolidated financial statements approved by the board of directors on 21 April 2021.
The audit procedures by the statutory auditors are being finalized.)

In k€ - IFRS2020

2019

Turnover2 006935
Net operating expenses:
Payroll costs-3 334-3 814
Operating expenses:
Manufacturing, sub-contracting-980-1 816
Travel and subsistence expenses-532-829
Leasing and maintenance-431-460
Other operating expenses-1 334-1 510
Depreciation-511-54
Amortization-744

-781

Total net operating expenses- 7 866- 9 264
Operating loss-5 860-8 329
Net financial loss-1 563-1 859
Corporation tax--
Net loss-7 423 -10 188 

Turnover 

The turnover for the financial year 2020 amounts to 2 006 k€ compared to 935 k€ in 2019. 

At the start of 2020, just when Orege was gaining new momentum in its commercial development and in the implementation of its partnerships, its activity was suddenly brought to a halt in March by the first wave of the Covid-19 pandemic.

This disruption continued throughout the following months with the second wave of the pandemic and Orege’s business development suffered from the resulting constraints:

-          The closure of the US and Japanese borders to Europeans, without visibility on when they will reopen.
-          A number of projects frozen, still awaiting resumption of their execution, and others in "stop and start" mode.
-          The trend towards virtual meetings, especially in the United States and the United Kingdom, renders our development of new business more complex.
-          Significant uncertainties around committing investment budgets of municipalities (United States, France, Italy and Germany) resulting in many such decisions being postponed to mid-2021, especially in the United States.

Nevertheless, some activity began to pick up in Great Britain from the 4th quarter of 2020. The Water Companies have now all validated their five-year plans 2020-2025 with the regulator OFWAT (the last ones at the beginning of 2021) and they can initiate new investments.

During 2020, Orege received three orders from Scottish Water, each for an SLGF solution, two of which, delivered and invoiced in the second half of 2020, contributing some € 420 k€ of 2020 turnover (the third will be delivered and invoiced in the first half of 2021). The Orege UK team was also able to visit the sites of other Water Companies and qualify several projects.

In the United States, activity also started to resume at the end of 2020, but to a lesser extent. The US teams were able to return to sites in the fourth quarter to carry out and conclude the performance tests of two contracts which had been frozen in the first half. Orege was also able to complete the second sale of an SLG solution with its client GCUA. These three transactions generating turnover for 2020 of more than $ 1,100K.

Operating expenses

In this difficult context, Orege worked to rationalize and optimize its organization and costs.

Total operating expenses are down 15% from the previous year. This decrease is essentially the result of the actions taken in 2020 in the context of the health crisis and the continuing efforts to optimize Orege’s organization and to reduce costs. These efforts will continue in 2021 when the full effect of the measures taken will be felt, even if some specific savings from the health crisis (furlough) would cease.

Financing and cash flow

At 31 December 2019, the Group had 403 k€ of cash and cash equivalents (237 k€ at 31 December 2019).

Financial debt totalled 23 423 k€, including 20 909 k€ of shareholder current account advances (2019: 17 849 k€, including 15 767 k€ of shareholder current account advances). Net equity was -18 647 k€ (2019: -12 186 k€).

The balance of undrawn shareholder current account advances guaranteed by Eren Industries of   2 000 k€ at the date of this press release will enable the Group to meet all its financing requirements in 2021.

Outlook

The context of the health crisis and resulting economic crises had a very significant effect on the Group's growth and the deployment of its main technology, SLG. Numerous sales that were under discussion at the end of 2019 and early 2020 have been postponed or cancelled. However, 2020 was also a year of consolidation and construction for Orege with a number of decisions which were taken and which were implemented or continue to be implemented in the first half of 2021 with:

  •  An even more significant refocusing of business development activity on the most promising markets (United Kingdom and United States) as well as on strategic partnerships with Alfa Laval and Itochu.
  •  Reinforced positioning on the applications of Orege solutions for recovering energy and agricultural resource from sludge (anaerobic digestion / bio methane, production of granules, composting, etc.), SLG conditioned sludge can often become "a recovered product" and no longer a waste product.

  •  Continuing efforts to optimize the organization, to improve the industrial margin and to reduce fixed costs. 

Orege now supports its customers and partners with a global approach aimed at facilitating their environmental transition at all stages from the conditioning to the valorisation of sludge through its treatment in order to produce a product with high added value.

Despite the still present pandemic and resulting constraints which will have an impact on the Group's growth and its financial performance, at least in the first half of 2021, Orege should be able to achieve the objectives announced at the information meeting on December 7. 2020, subject to:

  •  The reopening of borders, particularly in the United States and Japan, allowing Orege teams to return to the site to speed up the qualification and implementation of projects;
  •  A resumption of near to normal operations expected with our customers and prospects in the second half of 2021.

Orege will give an update to the market on its activity in May 2021.

Additional Information

The 2020 Annual financial report (in French) will be available on the company’s website (www.orege.com) from 14 May 2021. 

Orege has been listed on the regulated market Euronext – Paris since 5 July 2013 ISIN FR0010609206 - OREGE.

Contact Orege: Financial information– George Gonsalves                                                                   
George.gonsalves@orege.com - mob: +33 6 08 03 50 72  

PRESS RELEASE

Voisins Le Bretonneux, 22 April 2021 – 6 PM

ANNUAL RESULTS 2020ANDOUTLOOK
___________________________________________________________________

Summary financial information for the year ended December 31 2020.

  • Strong growth in turnover which validates the commercial approach taken by Orege in recent years

  • 15% decrease in net operating expenses, thanks to savings on the Group's fixed costs.

(Consolidated financial statements approved by the board of directors on 21 April 2021.
The audit procedures by the statutory auditors are being finalized.)

In k€ - IFRS2020

2019

Turnover2 006935
Net operating expenses:
Payroll costs-3 334-3 814
Operating expenses:
Manufacturing, sub-contracting-980-1 816
Travel and subsistence expenses-532-829
Leasing and maintenance-431-460
Other operating expenses-1 334-1 510
Depreciation-511-54
Amortization-744

-781

Total net operating expenses- 7 866- 9 264
Operating loss-5 860-8 329
Net financial loss-1 563-1 859
Corporation tax--
Net loss-7 423 -10 188

Turnover

The turnover for the financial year 2020 amounts to 2 006 k€ compared to 935 k€ in 2019.

At the start of 2020, just when Orege was gaining new momentum in its commercial development and in the implementation of its partnerships, its activity was suddenly brought to a halt in March by the first wave of the Covid-19 pandemic.

This disruption continued throughout the following months with the second wave of the pandemic and Orege’s business development suffered from the resulting constraints:

-      The closure of the US and Japanese borders to Europeans, without visibility on when they will reopen.
-      A number of projects frozen, still awaiting resumption of their execution, and others in "stop and start" mode.
-      The trend towards virtual meetings, especially in the United States and the United Kingdom, renders our development of new business more complex.
-      Significant uncertainties around committing investment budgets of municipalities (United States, France, Italy and Germany) resulting in many such decisions being postponed to mid-2021, especially in the United States.

Nevertheless, some activity began to pick up in Great Britain from the 4th quarter of 2020. The Water Companies have now all validated their five-year plans 2020-2025 with the regulator OFWAT (the last ones at the beginning of 2021) and they can initiate new investments.

During 2020, Orege received three orders from Scottish Water, each for an SLGF solution, two of which, delivered and invoiced in the second half of 2020, contributing some € 420 k€ of 2020 turnover (the third will be delivered and invoiced in the first half of 2021). The Orege UK team was also able to visit the sites of other Water Companies and qualify several projects.

In the United States, activity also started to resume at the end of 2020, but to a lesser extent. The US teams were able to return to sites in the fourth quarter to carry out and conclude the performance tests of two contracts which had been frozen in the first half. Orege was also able to complete the second sale of an SLG solution with its client GCUA. These three transactions generating turnover for 2020 of more than $ 1,100K.

Operating expenses

In this difficult context, Orege worked to rationalize and optimize its organization and costs.

Total operating expenses are down 15% from the previous year. This decrease is essentially the result of the actions taken in 2020 in the context of the health crisis and the continuing efforts to optimize Orege’s organization and to reduce costs. These efforts will continue in 2021 when the full effect of the measures taken will be felt, even if some specific savings from the health crisis (furlough) would cease.

Financing and cash flow

At 31 December 2019, the Group had 403 k€ of cash and cash equivalents (237 k€ at 31 December 2019).

Financial debt totalled 23 423 k€, including 20 909 k€ of shareholder current account advances (2019: 17 849 k€, including 15 767 k€ of shareholder current account advances). Net equity was -18 647 k€ (2019: -12 186 k€).

The balance of undrawn shareholder current account advances guaranteed by Eren Industries of    2 000 k€ at the date of this press release will enable the Group to meet all its financing requirements in 2021.

Outlook

The context of the health crisis and resulting economic crises had a very significant effect on the Group's growth and the deployment of its main technology, SLG. Numerous sales that were under discussion at the end of 2019 and early 2020 have been postponed or cancelled. However, 2020 was also a year of consolidation and construction for Orege with a number of decisions which were taken and which were implemented or continue to be implemented in the first half of 2021 with:

  • An even more significant refocusing of business development activity on the most promising markets (United Kingdom and United States) as well as on strategic partnerships with Alfa Laval and Itochu.
  • Reinforced positioning on the applications of Orege solutions for recovering energy and agricultural resource from sludge (anaerobic digestion / bio methane, production of granules, composting, etc.), SLG conditioned sludge can often become "a recovered product" and no longer a waste product.

  • Continuing efforts to optimize the organization, to improve the industrial margin and to reduce fixed costs.

Orege now supports its customers and partners with a global approach aimed at facilitating their environmental transition at all stages from the conditioning to the valorisation of sludge through its treatment in order to produce a product with high added value.

Despite the still present pandemic and resulting constraints which will have an impact on the Group's growth and its financial performance, at least in the first half of 2021, Orege should be able to achieve the objectives announced at the information meeting on December 7. 2020, subject to:

  • The reopening of borders, particularly in the United States and Japan, allowing Orege teams to return to the site to speed up the qualification and implementation of projects;
  • A resumption of near to normal operations expected with our customers and prospects in the second half of 2021.

Orege will give an update to the market on its activity in May 2021.

Additional Information

The 2020 Annual financial report (in French) will be available on the company’s website (www.orege.com) from 14 May 2021.

Orege has been listed on the regulated market Euronext – Paris since 5 July 2013 ISIN FR0010609206 - OREGE.

Contact Orege:Financial information– George Gonsalves
George.gonsalves@orege.com - mob: +33 6 08 03 50 72        

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Novo Nordisk A/S – Share repurchase programme7.5.2021 21:31:30 CEST | Press release

Bagsværd, Denmark, 7May2021 — As part of the up to DKK 18 billion 2021 share repurchase programme, Novo Nordisk A/S has now initiated a new share repurchase programme for an amount of up to DKK 3.3 billion in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). For that purpose, Novo Nordisk A/S has appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB, as lead manager to execute the programme independently and without influence from Novo Nordisk A/S. The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the agreement, Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB, will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting 10 May 20

Novo Nordisk A/S purchases B shares worth DKK 2,586 million from Novo Holdings A/S under the 2021 share repurchase programme7.5.2021 21:24:00 CEST | Press release

Bagsværd, Denmark, 7 May2021 — Novo Nordisk A/S has today entered into an agreement to purchase 5,610,000 B shares of DKK 0.20 to a value of DKK 2,586 million from Novo Holdings A/S. This transaction is part of Novo Nordisk A/S’ 2021 share repurchase programme of up to a total of DKK 18 billion to be executed during a 12-month period beginning 3 February 2021. The transaction price is DKK 461.04 per share and has been calculated as the three-day volume weighted average market price from 5 May 2021 to 7 May 2021 in the open window following the announcement of Novo Nordisk A/S’ quarterly financial results. Prior to the sale of B shares, Novo Holdings A/S’ ownership of Novo Nordisk A/S was 28.5% of the share capital and 76.9% of the votes. Following the transaction, Novo Holdings A/S owns 537,436,000 A shares of DKK 0.20 and 116,129,000 B shares of DKK 0.20, corresponding to 28.3% of the capital and 76.8% of the votes in Novo Nordisk A/S. The transaction is in line with the announcement

RomReal: Mandatory notification of insider trade - Chairman and CEO of RomReal Kjetil Gronskag7.5.2021 19:34:48 CEST | Press release

Kjetil Gronskag, Chairman and CEO of RomReal Ltd has today 07 May 2021, purchased 2000 shares of RomReal at NOK 1.74 per share in RomReal Ltd. Following this trade, Kjetil Gronskag controls privately and through holding companies 4,546,127 shares in RomReal Ltd. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

PRFOODS NOTICE OF NOTEHOLDERS’ MEETING7.5.2021 16:58:01 CEST | Press release

AS PRFoods (registry code 11560713, registered address at Pärnu mnt 141, 11314 Tallinn, Estonia; “PRFoods”) hereby notifies persons holding the notes (the “Noteholders”) of the Issuer, due on 22 January 2025 and bearing ISIN code EE3300001577 (the “Notes”), issued under the Terms and Conditions of Secured Note Issue of AS PRFoods dated 14 January 2020 (which have been amended on 25 February 2020; the “Terms”), of convening a meeting of Noteholders (the “Meeting”). The Meeting will be held on 24 May 2021 at 12:00 (EET) at Peetri 12 (Kai Kunstikeskus), 10415 Tallinn, Estonia. Registration for the Meeting will be open at the venue of the Meeting from 11:00 to 11:45 (EET). The management of PRFoods requests all Noteholders to consider that due to COVID-19 caused by the coronavirus, it is advised to minimise the extent of physical gatherings and the participation therein. For this purpose, the management of PRFoods advises to consider authorising representatives of the collateral agent to p

AS PRFoods is Planning an Issue of Subordinated Convertible Notes and Tap-Issue of Secured Notes7.5.2021 16:44:03 CEST | Press release

THIS NOTICE IS NOT INTENDED FOR PUBLICATION, ALLOCATION OR TRANSMISSION, IN PART OR WHOLLY, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, OR ELSEWHERE THE DISCLOSURE OR TRANSMISSION OF THIS INFORMATION IS NOT ALLOWED. AS PRFoods (registry code 11560713, “PRFoods”) announces that due to the continuing pandemic caused by COVID-19 and the extraordinary effects the pandemic and the measures implemented to combat the pandemic have had on the economic environment, including on the economic operations of PRFoods during the pending 2020/2021 financial year (i.e. the financial year 01.07.2020 – 30.06.2021), PRFoods deems necessary to reinforce its capital structure for the purposes of ensuring a smoother and faster recovery from the negative impacts caused by COVID-19 in the upcoming 2021/2022 financial year (i.e. financial year 01.07.2021 – 30.06.2022). In connection with the above, PRFoods hereby informs that, for the

CONDITIONS FOR PURCHASES OF CORPORATE BONDS7.5.2021 16:20:00 CEST | Press release

Bid procedure, 2021-05-12BondsBonds issued in SEK by Swedish non-financial undertakings. The following bonds are eligible for delivery: ELLEVIO AB: XS1562583937, 2024-02-28 HUSQVARNA AB: SE0013359486, 2024-12-04 HUSQVARNA AB: SE0010869677, 2023-02-14 LUNDBERGFORETAGEN AB: SE0012676609, 2025-11-13 LUNDBERGFORETAGEN AB: SE0009241524, 2023-10-24 WILLHEM AB: SE0012193985, 2025-02-22 WILLHEM AB: SE0013882966, 2024-04-08 CASTELLUM AB: SE0011062827, 2023-05-17 CASTELLUM AB: SE0012675916, 2025-11-27 Delivery of a Bond may not occur if the Counterparty has purchased the Bond from the issuer more recently than one month prior to the date of announcement of the Special terms, that is, the purchase may not have taken place after: 2021-04-12Bid date2021-05-12Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)XS1562583937: 30 mln SEK +/-30 mln SEK SE0013359486: 30 mln SEK +/-30 mln SEK SE0010869677: 30 mln SEK +/-30 mln SEK SE0012676609: 30 mln SEK +/-30 ml

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS7.5.2021 16:20:00 CEST | Press release

Bid procedure, 2021-05-14BondsSWEDEN I/L BOND: 3113. SE0009548704. 2027-12-01 SWEDEN I/L BOND: 3111, SE0007045745, 2032-06-01 Bid date2021-05-14Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)3113: 500 mln SEK +/-250 mln SEK 3111: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)3113: 500 mln SEK per bid 3111: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-05-18Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-05-07 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be