AMOEBA (EPA:ALMIB) - 2018 half-year results impacted by the company repositioning

Transparency directive : regulatory news

21/09/2018 17:45

PRESS RELEASE

          2018 half-year results impacted by the company repositioning

Chassieu, September 21st, 2018 - after the market trading close - AMOEBA
(FR0011051598 - AMEBA), producer of a biological biocide capable of eliminating
bacterial risk in water, plant protection and wound care applications,
announced today its 2018 half-year results.

The Board of Directors approved the company's consolidated accounts for the 1st
half of 2018 at their meeting held on September 21st, 2018.
The statutory auditors conducted a limited audit of the consolidated
half-yearly financial statements on June 30th, 2018 and have not identified any
significant discrepancies likely to call into question the compliance thereof.
They proceeded to the report's signature.

The half-yearly report is currently being issued and will be available on the
company's website (www.amoeba-biocide.com) in the coming days.

(In KEUR)             30/06/2018   30/06/2017

Turnover                      62           75
Industrialisation costs     (916)        (314)
R&D costs                   (974)      (1,401)
Subsidies                    154          278
Marketing & Sales           (298)        (473)
General costs             (1,257)      (1,309)
Operational loss          (3,229)      (3,144)
Non-Operational loss        (691)
Financial loss              (577)         (96)
Net loss                  (4,497)      (3,240)

Operational results in line with the Group's expectations and a net income
affected by restructuring expenses.

Operational results on June 30th, 2018 amount to KEUR-3,229, in line with the
company's forecast.

The analysis of these results indicates:

- A turnover of KEUR 62 on June 30th, 2018 mainly made up of the half-yearly
licence fee paid by AQUAPROX.

- An increase in industrial deployment costs (KEUR916 versus KEUR314 last year)
due to the reallocation of depreciation expenses initially recorded in General
costs and to inventory reserves,

- A decrease in research and development costs (KEUR820 versus KEUR1,123 last
year) and in marketing and sales expenses (KEUR298 versus KEUR 473),

- General costs amount to KEUR 1,257 on June 30th, 2018 and remain
substantially in line with last year's expenses,

- On June 30th, 2018 non-operational expenses amount to KEUR691 and are mainly
made of restructuring expenses,

- The financial result mainly represents interest fees paid on bank loans
(KEUR534) and exchange losses (KEUR 46),

- The half yearly net result is therefore KEUR-4,497.

On June 30th, 2018, the Company's shareholders' equity amounted to EUR8,087
million, compared to EUR12.5 million on June 30th, 2017. Cash flow is EUR6.3
million.

First half of the year strongly impacted by the adoption of the non-approval of
the active substance in Europe.

On April 26th, 2018, the Biocidal Products Committee adopted an opinion of
non-approval of its active substance Willaertia magna C2c Maky for use in
product-type 11 (PT 11 - Preservatives for liquid- cooling and processing
systems).

As a result, the company was led to reconsider its road map and has focused on
3 priorities:
* The expansion of the commercial network in the United States with the
implementation and follow up of new field tests at industrial and tertiary
sites in partnership with our distributors
* The analysis and validation of options to pursue the regulatory process in
Europe
* The development of the new application in biocontrol with the achievement of
greenhouse trials and the search for new business partners.

Recent developments and perspectives

Pending the market authorization in the United States, the company plans to
continue field tests in the US during the second half of the year and to
support its research and development activities in new applications such as
biocontrol application for plant prevention.

The available cash flow, on June 30th, 2018 will permit the company to continue
its activities until end of August 2019.

Subject to the shareholders' general meeting approval, the company will proceed
with a 6 MEUR bound issuance to pursuit its development and has signed an
issuing agreement with Nice & Green SA, in order to set up a bond-convertible
financing line up to a maximum of 300 convertible bonds with a par value of EUR
20,000 each (cf: July 26th, 2018 press release).

The issuance of bonds convertible into shares and the net income of this
issuance is the preferred solution for the Group to fund its development
activities and address the insufficient working capital during the next twelve
months. In the case the financial operation would not be concluded, the company
will seek other financials solutions including, if need be, a private
placement.

The Shareholders' General Meeting, scheduled to meet on October 10th, 2018 at
the headquarter as announced on September 3rd, 2018 in BALO (French Official
Bulletin of Legal Notices) under number 106, has been postponed by decision of
the Board of Directors today. A new General Assembly should be held before the
end of 2018. The notification will be published in the BALO within the legal
and regulatory timelines.

About AMOEBA:

Amoéba's ambition is to become a major player in the treatment of bacterial
risk in the fields of water, healthcare and plant protection. Our biological
solution is an alternative to chemical products widely used today. Amoéba is
currently focusing on the market of industrial cooling towers estimated at
EUR1.7Bn (1) on a global chemical biocide market for water treatment, evaluated
at EUR21Bn (2) and on the biocontrol market for plant protection estimated
globally at EUR1.6Bn (4). In the future, the Company is looking at developing
new applications such as chronic wound care, estimated at EUR 751 million (3)
in the USA. Sales of associated products with healthcare, biocides and plant
protection are subject to the Company being granted local regulatory market
authorizations.

Created in 2010, based in Chassieu (Lyon, France) with a subsidiary in Canada
and in the United States, Amoéba is quoted on the compartment C of Euronext
Paris. The Company is a member of the BPIfrance Excellence network and is
eligible for the PEA-PME SME equity savings plan setup. More information on
www.amoeba-biocide.com.

(1): Amoéba data combined from sources: DRIRE 2013, Eurostat, ARHIA 2013
(2): Sources combined by Amoéba from water treaters, Freedonia, Eurostat et
MarketsandMarkets
(3): BCC Research, "Markets for Advanced Wound Management Technologies,"
Wellesley, MA, 2017
(4): Biopesticides Worldwide Market 2013, CPL, Wallingford, UK

Contacts :

Amoéba
Valérie FILIATRE
Chief Financial Officer
(33)4 26 69 16 00
valerie.filiatre@amoeba-biocide.com

Actifin
Ghislaine GASPARETTO Communication financière
01 56 88 11 11
ggasparetto@actifin.fr

Disclaimer

This press release contains certain forward-looking statements concerning
AMOEBA which are based on its own assumptions and hypothesis and on information
that are available to us. However, AMOEBA gives no assurance that the estimates
contained in such forward-looking statements will be verified, which estimates
are subject to numerous risks including the risks set forth in the reference
document of AMOEBA filed with the French Financial Markets Authority (Autorité
des Marchés Financiers) on April 27, 2017 (a copy of which is available on
www.amoeba-biocide.com). The forward-looking statements contained in this press
release are also subject to risks not yet known to AMOEBA or not currently
considered material by AMOEBA. The occurrence of all or part of such risks
could cause actual results, financial conditions, performance or achievements
of AMOEBA to be materially different from such forward-looking statements.

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