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| 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 Interim Condensed Consolidated financial statements
as at September 30, 2022 and for the nine months ended September 30, 2022
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| 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 | Nine months ended September 30, |
| (except per share amounts) | 2022 | 2021 |
| Product sales | 74,421 | 45,469 |
| Other revenues | 175,481 | 24,379 |
| Revenues | 249,902 | 69,847 |
| | |
| Cost of goods and services | (202,726) | (159,586) |
| Research and development expenses | (75,385) | (117,234) |
| Marketing and distribution expenses | (13,089) | (15,000) |
| General and administrative expenses | (23,267) | (31,664) |
| Other income and expenses, net | 7,472 | 16,034 |
| OPERATING LOSS | (57,093) | (237,603) |
| | |
| Finance income | 59 | 240 |
| Finance expenses | (13,395) | (12,137) |
| Foreign exchange gain/(loss), net | (26,492) | 5,334 |
| Result from investments in associates | 9 | (120) |
| LOSS BEFORE INCOME TAX | (96,912) | (244,286) |
| | |
| Income tax income/(expense) | (2,163) | (1,647) |
| LOSS FOR THE PERIOD | (99,075) | (245,933) |
| | |
Losses per share
for profit/loss for the period attributable to the equity holders of the Company, expressed in € per share | | |
| basic | (0.92) | (2.51) |
| diluted | (0.92) | (2.51) |
1.2 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (Loss)
| | | | | | | | |
| € in thousand | Nine months ended September 30, |
| 2022 | 2021 |
| Loss for the period | (99,075) | (245,933) |
| Other comprehensive income/(loss) | | |
| Items that may be reclassified to profit or loss | | |
| Currency translation differences | (1,488) | (143) |
| Items that will not be reclassified to profit or loss | - | - |
| Defined benefit plan actuarial gains/(losses) | 168 | — |
Other comprehensive loss for
the period, net of tax | (1,320) | (143) |
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO THE
OWNERS OF THE COMPANY | (100,395) | (246,076) |
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| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 4 |
2 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
| € in thousand | September 30, | December 31, |
| 2022 | 2021 |
| ASSETS | | |
| Non-current assets | 221,548 | 231,520 |
| Intangible assets | 29,652 | 32,700 |
| Right of use assets | 47,679 | 48,285 |
| Property, plant and equipment | 122,980 | 125,545 |
| Investments in associates | — | 2,124 |
| Deferred tax assets | 2,943 | 3,582 |
| Other non-current assets | 18,294 | 19,282 |
| Current assets | 476,535 | 585,832 |
| Inventories | 96,462 | 124,098 |
| Trade receivables | 57,732 | 44,013 |
| Other current assets | 59,165 | 71,036 |
| Cash and cash equivalents | 261,042 | 346,686 |
| Assets classified as held for sale | 2,134 | — |
| TOTAL ASSETS | 698,083 | 817,352 |
| EQUITY | | |
| Capital and reserves attributable to the Company’s equity holders | 164,983 | 170,581 |
| Share capital | 17,603 | 15,786 |
| Share premium | 501,638 | 409,258 |
| Other reserves | 51,791 | 52,512 |
| Retained earnings/(Accumulated deficit) | (306,974) | (233,549) |
| Loss for the period | (99,075) | (73,425) |
| LIABILITIES | | |
| Non-current liabilities | 158,889 | 277,791 |
| Borrowings | 93,364 | 50,726 |
| Lease liabilities | 52,643 | 53,687 |
| Contract liabilities | 2,974 | 4,741 |
| Refund liabilities | 6,587 | 158,970 |
| Provisions | 1,357 | 8,308 |
| Deferred tax liabilities | 1,784 | 1,290 |
| Other liabilities | 181 | 69 |
| Current liabilities | 374,211 | 368,979 |
| Borrowings | 12,494 | 7,107 |
| Trade payables and accruals | 74,973 | 68,119 |
| Income tax liability | 137 | 83 |
| Tax and Employee-related liabilities | 16,036 | 17,249 |
| Lease liabilities | 3,118 | 3,135 |
| Contract liabilities | 6,906 | 124,017 |
| Refund liabilities | 225,712 | 95,611 |
| Provisions | 27,691 | 48,708 |
| Other liabilities | 7,145 | 4,950 |
| TOTAL LIABILITIES | 533,100 | 646,771 |
| TOTAL EQUITY AND LIABILITIES | 698,083 | 817,352 |
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| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 5 |
3 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | | | | |
| € in thousand | | Nine months ended September 30, |
| | 2022 | 2021 |
| Cash flows from operating activities | | | |
| Loss for the period | | (99,075) | (245,933) |
| Adjustments for non-cash transactions | | 17,784 | 34,851 |
| Changes in non-current operating assets and liabilities | | (155,970) | 4,210 |
| Changes in working capital | | 48,830 | 244,948 |
| Cash generated from/(used in) operations | | (188,431) | 38,076 |
| Income tax paid | | (1,082) | (1,624) |
| Net cash generated from/(used in) operating activities | | (189,513) | 36,452 |
| | | |
| Cash flows from investing activities | | | |
| Purchases of property, plant and equipment | | (22,465) | (68,973) |
| Purchases of intangible assets | | (76) | (938) |
| Interest received | | 59 | 45 |
| Net cash used in investing activities | | (22,483) | (69,866) |
| | | |
| Cash flows from financing activities | | | |
| Proceeds from issuance of common stock, net of costs of equity transactions | | 93,998 | 85,061 |
| Disposal of treasury shares | | — | 209 |
| Proceeds from borrowings, net of transaction costs | | 38,141 | — |
| Repayment of borrowings | | (1,793) | (1,956) |
| Payment of lease liabilities | | (2,171) | (1,948) |
| Interest paid | | (6,544) | (6,734) |
| Net cash generated from/(used in) financing activities | | 121,631 | 74,632 |
| | | |
| Net change in cash and cash equivalents | | (90,365) | 41,218 |
| Cash and cash equivalents at beginning of the period | | 346,642 | 204,394 |
| Exchange gains/(losses) on cash | | 1,814 | 2,324 |
| Restricted cash | | 2,951 | 43 |
| Cash and cash equivalents at end of the period | | 261,042 | 247,948 |
>
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| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 6 |
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/
(Accumula-ted 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 | | - | - | - | (143) | - | (245,933) | (246,076) |
| Income appropriation | | - | - | - | - | (64,393) | 64,393 | - |
| Share-based compensation expense: | | | | | | | | |
| - value of services | | - | - | - | 1,825 | - | - | 1,825 |
| - exercises | | 799,450 | 120 | 2,105 | - | - | - | 2,225 |
| Treasury shares | | - | - | - | 209 | - | - | 209 |
| Issuance of ordinary shares, May 2021 | | 8,145,176 | 1,222 | 88,375 | - | - | - | 89,597 |
| Cost of equity transactions, net of tax | | - | - | (6,761) | - | - | - | (6,761) |
Balance as at
September 30, 2021 | | 99,915,188 | 14,987 | 328,703 | 54,234 | (233,549) | (245,933) | (81,559) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as at
January 1, 2022 | | 105,239,085 | 15,786 | 409,258 | 52,512 | (233,549) | (73,425) | 170,581 |
| Total comprehensive loss | | - | - | - | (1,320) | - | (99,075) | (100,395) |
| Income appropriation | | - | - | - | - | (73,425) | 73,425 | - |
| Share-based compensation expense: | | - | - | - | | | | - |
| - value of services | | - | - | - | 599 | - | - | 599 |
| - exercises | | 2,563,011 | 384 | 3,333 | - | - | - | 3,718 |
| Treasury shares | | - | - | - | - | - | - | - |
| Issuance of ordinary shares, June 2022 | | 9,549,761 | 1,432 | 89,195 | - | - | - | 90,627 |
| Cost of equity transactions, net of tax | | - | - | (148) | - | - | - | (148) |
Balance as at
September 30, 2022 | | 117,351,857 | 17,603 | 501,638 | 51,791 | (306,974) | (99,075) | 164,983 |
