6-K001-40377Valneva SEFALSE000183656412/319/30/20222022Q300018365642022-01-012022-09-30iso4217:EUR00018365642021-01-012021-09-30iso4217:EURxbrli:shares00018365642022-09-3000018365642021-12-3100018365642020-12-3100018365642021-09-300001836564ifrs-full:IssuedCapitalMember2020-12-31xbrli:shares0001836564ifrs-full:SharePremiumMember2020-12-310001836564ifrs-full:OtherReservesMember2020-12-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2020-12-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2020-12-310001836564ifrs-full:OtherReservesMember2021-01-012021-09-300001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2021-01-012021-09-300001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2021-01-012021-09-300001836564ifrs-full:IssuedCapitalMember2021-01-012021-09-300001836564ifrs-full:SharePremiumMember2021-01-012021-09-300001836564ifrs-full:IssuedCapitalMember2021-09-300001836564ifrs-full:SharePremiumMember2021-09-300001836564ifrs-full:OtherReservesMember2021-09-300001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2021-09-300001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2021-09-300001836564ifrs-full:IssuedCapitalMember2021-12-310001836564ifrs-full:SharePremiumMember2021-12-310001836564ifrs-full:OtherReservesMember2021-12-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2021-12-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2021-12-310001836564ifrs-full:OtherReservesMember2022-01-012022-09-300001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2022-01-012022-09-300001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2022-01-012022-09-300001836564ifrs-full:IssuedCapitalMember2022-01-012022-09-300001836564ifrs-full:SharePremiumMember2022-01-012022-09-300001836564ifrs-full:IssuedCapitalMember2022-09-300001836564ifrs-full:SharePremiumMember2022-09-300001836564ifrs-full:OtherReservesMember2022-09-300001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2022-09-300001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2022-09-30
VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS 2022 | 1 |
Valneva SE 6-K EXHIBIT 99.2
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
as at September 30, 2022 and for the nine months ended September 30, 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 | 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) |
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 |
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 |
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 |