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Carbios (ALCRB)

Business description

Carbios develops enzyme-based processes for biodegradation and bioproduction of plastics, with a long-term aim of displacing current recycling and production practices.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 8.9 3.8 3.7 131.9 5.3 5.9
2017A 1.0 (4.4) (4.6) (94.4) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 25/04/2018

Investment summary

Carbios addresses the issue of plastics disposal, as well as environmental and sustainable solutions via breakthrough technologies for a circular plastics economy. Its goal is to industrialise its biodegradation process and set up new PET recycling partnerships to follow on from its breakthrough agreement with L’Oréal. Carbios has received the final €1m payment under the Thanaplast research project after completing the fifth and final stage. Preliminary figures for FY17 showed the benefits of the year’s capital measures – an equity issue of €3.6m in July and €1.5m in equity line financing – which took net cash to €7.2m at year end vs €4.7m at end June despite continuing, planned cash outflow. The reported operating loss was €4.65m vs an underlying loss of €4.45m in FY16; FY17 operating costs were swollen by one-off personnel costs and a non-cash charge of €0.72m for royalty payments to external researchers. Our forecasts are under review.

Last updated on 27/04/2018

Industry outlook

Growing volumes, environmental concerns and an increasing focus on sustainability are becoming ever more important challenges to conventional plastic market participants. Biological plastic production and recycling is the single most important aim of the industry as a response.

Last updated on 27/04/2018

Key management

Jean-Claude Lumaret, CEO

Company address

rue Emile Duclaux
Parc d'activts du Biopole
Clermont-Limgn
SAINT-BEAUZIRE
63360
France
+33473865176
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