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Valneva SE 6-K/A
Exhibit 99.1
 | VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 1 |
CONSOLIDATED FINANCIAL STATEMENTS 2022
VALNEVA
A European Company (Societas Europaea) with a Management and a Supervisory Board
Registered offices:
6 rue Alain Bombard, 44800 SAINT-HERBLAIN - France
Nantes Companies Register (RCS) No. 422 497 560
Unaudited Consolidated Interim financial statements
as at March 31, 2022
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 2 |
| 1. | Unaudited interim consolidated statements of income (loss) and comprehensive income (Loss) |
| 1.1 | Unaudited Interim Condensed Consolidated Statements of Income (Loss) |
| | | | | | | | |
| € in thousand | | Three months ended March 31, |
| | | |
| (except per share amounts) | | | 2022 | | | | 2021 | |
| Product sales | | | 16,162 | | | | 16,124 | |
| Other revenues | | | 5,686 | | | | 7,092 | |
| Revenues | | | 21,847 | | | | 23,215 | |
| | | | | | | | | |
| Cost of goods and services | | | (13,860 | ) | | | (14,650 | ) |
| Research and development expenses | | | (20,689 | ) | | | (27,732 | ) |
| Marketing and distribution expenses | | | (2,034 | ) | | | (4,941 | ) |
| General and administrative expenses | | | (5,770 | ) | | | (10,010 | ) |
| Other income and expenses, net | | | 2,084 | | | | 2,979 | |
| OPERATING LOSS | | | (18,422 | ) | | | (31,138 | ) |
| | | | | | | | | |
| Finance income | | | 13 | | | | 7,695 | |
| Finance expenses | | | (7,130 | ) | | | (4,607 | ) |
| Result from investments in associates | | | — | | | | (19 | ) |
| LOSS BEFORE INCOME TAX | | | (25,539 | ) | | | (28,070 | ) |
| | | | | | | | | |
| Income tax income/(expense) | | | (502 | ) | | | 368 | |
| LOSS FOR THE PERIOD | | | (26,041 | ) | | | (27,702 | ) |
| | | | | | | | | |
Losses per share for profit/loss for the period attributable to the equity holders of the Company, expressed in € per share | | | | | | | | |
| - basic | | | (0.24 | ) | | | (0.30 | ) |
| - diluted | | | (0.24 | ) | | | (0.30 | ) |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 3 |
| 1.2 | Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (Loss) |
| | | | | | | | |
| € in thousand | | Three months ended March 31, |
| | | | 2022 | | | | 2021 | |
| Loss for the period | | | (26,041 | ) | | | (27,702 | ) |
| Other comprehensive income/(loss) | | | | | | | | |
| Items that may be reclassified to profit or loss | | | | | | | | |
| Currency translation differences | | | (244 | ) | | | (337 | ) |
| Items that will not be reclassified to profit or loss | | | | | | | | |
| Defined benefit plan actuarial gains/(losses) | | | — | | | | — | |
Other comprehensive loss for the period, net of tax | | | (244 | ) | | | (337 | ) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE COMPANY | | | (26,285 | ) | | | (28,038 | ) |
| 2 | Unaudited Interim Condensed Consolidated balance sheets |
| | | | | | | | | |
| € in thousand | | | March 31, | | | | December 31, | |
| | | | 2022 | | | | 2021 | |
| ASSETS | | | | | | | | |
| Non-current assets | | | 232,690 | | | | 231,520 | |
| Intangible assets | | | 31,765 | | | | 32,700 | |
| Right of use assets | | | 47,562 | | | | 48,285 | |
| Property, plant and equipment | | | 128,418 | | | | 125,545 | |
| Investments in associates | | | 2,124 | | | | 2,124 | |
| Deferred tax assets | | | 3,304 | | | | 3,582 | |
| Other non-current assets | | | 19,516 | | | | 19,282 | |
| Current assets | | | 545,021 | | | | 585,832 | |
| Inventories | | | 139,725 | | | | 124,098 | |
| Trade receivables | | | 25,061 | | | | 44,013 | |
| Other current assets | | | 68,972 | | | | 71,036 | |
| Cash and cash equivalents | | | 311,264 | | | | 346,686 | |
| Total assets | | | 777,711 | | | | 817,352 | |
| EQUITY | | | | | | | | |
| Capital and reserves attributable to the Company’s equity holders | | | 148,406 | | | | 170,581 | |
| Share capital | | | 16,170 | | | | 15,786 | |
| Share premium | | | 412,799 | | | | 409,258 | |
| Other reserves | | | 52,452 | | | | 52,512 | |
| Accumulated deficit | | | (306,974 | ) | | | (233,549 | ) |
| Loss for the period | | | (26,041 | ) | | | (73,425 | ) |
| LIABILITIES | | | | | | | | |
| Non-current liabilities | | | 266,049 | | | | 277,791 | |
| Borrowings | | | 48,005 | | | | 50,726 | |
| Lease liabilities | | | 52,663 | | | | 53,687 | |
| Contract liabilities | | | 4,830 | | | | 4,741 | |
| Refund liabilities | | | 156,229 | | | | 158,970 | |
| Provisions | | | 2,975 | | | | 8,308 | |
| Deferred tax liabilities | | | 1,280 | | | | 1,290 | |
| Other liabilities | | | 68 | | | | 69 | |
| Current liabilities | | | 363,257 | | | | 368,979 | |
| Borrowings | | | 11,730 | | | | 7,107 | |
| Trade payables and accruals | | | 66,268 | | | | 68,119 | |
| Income tax liability | | | 72 | | | | 83 | |
| Tax and Employee-related liabilities | | | 19,838 | | | | 17,249 | |
| Lease liabilities | | | 3,122 | | | | 3,135 | |
| Contract liabilities | | | 122,478 | | | | 124,017 | |
| Refund liabilities | | | 100,279 | | | | 95,611 | |
| Provisions | | | 30,554 | | | | 48,708 | |
| Other liabilities | | | 8,917 | | | | 4,950 | |
| Total liabilities | | | 629,305 | | | | 646,771 | |
| Total equity and liabilities | | | 777,711 | | | | 817,352 | |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 4 |
| 3 | Unaudited Interim Condensed Consolidated statements of cash flows |
| | | | | | | | |
| € in thousand | | Three months ended March 31, |
| | | | 2022 | | | | 2021 | |
| Cash flows from operating activities | | | | | | | | |
| Loss for the period | | | (26,041 | ) | | | (27,702 | ) |
| Adjustments for non-cash transactions | | | (6,922 | ) | | | 6,232 | |
| Changes in non-current operating assets and liabilities | | | (4,763 | ) | | | 1,951 | |
| Changes in working capital | | | 11,193 | | | | 68,373 | |
| Cash generated from/(used in) operations | | | (26,533 | ) | | | 48,855 | |
| Income tax paid | | | (318 | ) | | | (1,296 | ) |
| Net cash generated from/(used in) operating activities | | | (26,851 | ) | | | 47,559 | |
| | | | | | | | | |
| Cash flows from investing activities | | | | | | | | |
| Purchases of property, plant and equipment | | | (9,385 | ) | | | (16,333 | ) |
| Purchases of intangible assets | | | (76 | ) | | | (543 | ) |
| Interest received | | | 13 | | | | 19 | |
| Net cash used in investing activities | | | (9,447 | ) | | | (16,857 | ) |
| | | | | | | | | |
| Cash flows from financing activities | | | | | | | | |
| Proceeds from issuance of common stock, net of costs of equity transactions | | | 3,726 | | | | 2,209 | |
| Disposal of treasury shares | | | — | | | | 154 | |
| Payment of lease liabilities | | | (835 | ) | | | (518 | ) |
| Interest paid | | | (1,909 | ) | | | (3,396 | ) |
| Net cash generated from/(used in) financing activities | | | 982 | | | | (1,550 | ) |
| | | | | | | | | |
| Net change in cash and cash equivalents | | | (35,316 | ) | | | 29,152 | |
| Cash and cash equivalents at beginning of the period | | | 346,642 | | | | 204,394 | |
| Exchange gains/(losses) on cash | | | (107 | ) | | | 2,324 | |
| Restricted cash | | | 45 | | | | 43 | |
| Cash and cash equivalents at end of the period | | | 311,264 | | | | 235,913 | |
| | | | | | | | | |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 5 |
| 4 | Unaudited Interim Condensed Consolidated statements of changes in equity |
| | | | | | | | | | | | | | | |
€ in thousand (except number of shares) | | Number of shares issued | | Share capital | | Share premium | | Other reserves | | Retained earnings/
(Accumulated deficit) | | Profit/
(loss)
for the period | | Total
equity |
Balance as at January 1, 2021 | | | 90,970,562 | | | | 13,646 | | | | 244,984 | | | | 52,342 | | | | (169,156 | ) | | | (64,393 | ) | | | 77,422 | |
| Total comprehensive loss | | | — | | | | — | | | | — | | | | (337 | ) | | | — | | | | (27,702 | ) | | | (28,038 | ) |
| Income appropriation | | | — | | | | — | | | | — | | | | — | | | | (64,393 | ) | | | 64,393 | | | | — | |
| Share-based compensation expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| - value of services | | | — | | | | — | | | | — | | | | 608 | | | | — | | | | — | | | | 608 | |
| - exercises | | | 793,200 | | | | 119 | | | | 2,090 | | | | — | | | | — | | | | — | | | | 2,209 | |
| Treasury shares | | | — | | | | — | | | | — | | | | 154 | | | | — | | | | — | | | | 154 | |
Balance as at March 31, 2021 | | | 91,763,762 | | | | 13,765 | | | | 247,074 | | | | 52,768 | | | | (233,549 | ) | | | (27,702 | ) | | | 52,355 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as at January 1, 2022 | | | 105,239,085 | | | | 15,786 | | | | 409,258 | | | | 52,512 | | | | (233,549 | ) | | | (73,425 | ) | | | 170,581 | |
| Total comprehensive loss | | | — | | | | — | | | | — | | | | (244 | ) | | | — | | | | (26,041 | ) | | | (26,285 | ) |
| Income appropriation | | | — | | | | — | | | | — | | | | — | | | | (73,425 | ) | | | 73,425 | | | | — | |
| Share-based compensation expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| - value of services | | | — | | | | — | | | | — | | | | 185 | | | | — | | | | — | | | | 185 | |
| - exercises | | | 2,563,011 | | | | 384 | | | | 3,541 | | | | — | | | | — | | | | — | | | | 3,925 | |
| Treasury shares | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Balance as at March 31, 2022 | | | 107,802,096 | | | | 16,170 | | | | 412,799 | | | | 52,452 | | | | (306,974 | ) | | | (26,041 | ) | | | 148,406 | |
