UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date of report: September 30, 2020
Commission File Number: 001-38844
GENFIT S.A.
(Translation of registrant’s name into English)
Parc Eurasanté
885, avenue Eugène Avinée
59120 Loos, France
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
1
HALF-YEAR
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS
FOR THE HALF-YEAR ENDED JUNE 30, 2020
2
|
|
4 |
||
|
|
5 |
||
|
|
6 |
||
|
|
7 |
||
|
|
8 |
||
|
|
9 |
||
|
1. |
9 |
||
|
2. |
MAJOR EVENTS IN THE PERIOD AND EVENTS AFTER THE REPORTING PERIOD |
9 |
|
|
|
2.1. |
RESOLVE-IT – Major Events in the Period and Events after the Reporting Period |
9 |
|
|
2.2. |
COVID-19 Major Events in the Period and Events after the Reporting Period |
10 |
|
|
2.3. |
11 |
|
|
3. |
11 |
||
|
|
3.1. |
Changes in accounting policies and new standards or amendments |
12 |
|
|
3.2. |
Standards, interpretations and amendments issued but not yet effective |
12 |
|
4. |
12 |
||
|
5. |
12 |
||
|
|
5.1. |
12 |
|
|
|
5.2 |
14 |
|
|
|
5.3 |
14 |
|
|
|
5.4 |
14 |
|
|
6. |
14 |
||
|
7. |
15 |
||
|
8. |
17 |
||
|
9. |
18 |
||
|
10. |
20 |
||
|
11. |
20 |
||
|
12. |
21 |
||
|
|
12.1. |
21 |
|
|
|
12.2. |
22 |
|
|
|
12.3. |
24 |
|
|
13. |
25 |
||
|
14. |
25 |
||
|
15. |
25 |
||
|
16. |
27 |
||
|
17. |
28 |
||
|
18. |
28 |
||
|
|
18.1. |
30 |
|
|
19. |
30 |
||
|
20. |
31 |
||
|
21. |
31 |
||
|
|
21.1. |
Losses available for offsetting against future taxable income |
31 |
|
|
21.2. |
31 |
|
|
22. |
32 |
||
|
23. |
32 |
||
|
24. |
33 |
||
|
25. |
34 |
||
|
26. |
37 |
||
|
|
|
|
|
3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
ASSETS |
|
|
|
As of |
|
|||||
|
(in € thousands) |
|
Notes |
|
December 31, 2019 |
|
|
June 30, 2020 |
|
||
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
6. |
|
|
276,748 |
|
|
|
225,721 |
|
|
Current trade and others receivables |
|
9. |
|
|
12,033 |
|
|
|
8,938 |
|
|
Other current assets |
|
11. |
|
|
1,968 |
|
|
|
3,540 |
|
|
Inventories |
|
- |
|
|
5 |
|
|
|
5 |
|
|
Total - Current assets |
|
|
|
|
290,753 |
|
|
|
238,204 |
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
7. |
|
|
920 |
|
|
|
894 |
|
|
Property, plant and equipment |
|
8. |
|
|
16,453 |
|
|
|
15,507 |
|
|
Other non-current financial assets |
|
10. |
|
|
1,727 |
|
|
|
1,595 |
|
|
Deferred tax assets |
|
21. |
|
|
— |
|
|
|
— |
|
|
Total - Non-current assets |
|
|
|
|
19,100 |
|
|
|
17,997 |
|
|
Total - Assets |
|
|
|
|
309,853 |
|
|
|
256,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
As of |
|
|||||
|
(in € thousands) |
|
Notes |
|
December 31, 2019 |
|
|
June 30, 2020 |
|
||
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Current convertible loans |
|
12. |
|
|
1,313 |
|
|
|
1,313 |
|
|
Other current loans and borrowings |
|
12. |
|
|
3,226 |
|
|
|
3,222 |
|
|
Current trade and other payables |
|
13. |
|
|
36,917 |
|
|
|
34,961 |
|
|
Current deferred income and revenue |
|
- |
|
|
140 |
|
|
|
141 |
|
|
Current provisions |
|
14. |
|
|
2,061 |
|
|
|
2,070 |
|
|
Total - Current liabilities |
|
|
|
|
43,657 |
|
|
|
41,706 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-current convertible loans |
|
12. |
|
|
164,142 |
|
|
|
166,760 |
|
|
Other non-current loans and borrowings |
|
12. |
|
|
14,939 |
|
|
|
13,342 |
|
|
Non-current trade and other payables |
|
13. |
|
|
451 |
|
|
|
451 |
|
|
Non-current employee benefits |
|
16. |
|
|
1,408 |
|
|
|
1,503 |
|
|
Deferred tax liabilities |
|
21. |
|
|
1,193 |
|
|
|
1,057 |
|
|
Total - Non-current liabilities |
|
|
|
|
182,132 |
|
|
|
183,112 |
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
16. |
|
|
9,715 |
|
|
|
9,715 |
|
|
Share premium |
|
- |
|
|
377,821 |
|
|
|
378,334 |
|
|
Retained earnings (accumulated deficit) |
|
- |
|
|
(238,340 |
) |
|
|
(303,662 |
) |
|
Currency translation adjustment |
|
- |
|
|
14 |
|
|
|
7 |
|
|
Net profit (loss) |
|
- |
|
|
(65,145 |
) |
|
|
(53,011 |
) |
|
Total shareholders' equity - Group share |
|
|
|
|
84,065 |
|
|
|
31,382 |
|
|
Non-controlling interests |
|
|
|
|
— |
|
|
|
— |
|
|
Total - Shareholders' equity |
|
|
|
|
84,065 |
|
|
|
31,382 |
|
|
Total - Shareholders' equity & liabilities |
|
|
|
|
309,853 |
|
|
|
256,200 |
|
|
* |
4
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
For the six-month period ended |
|
|||||
|
(in € thousands, except earnings per share data) |
|
Notes |
|
June 30, 2019 |
|
|
June 30, 2020 |
|
||
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
1 |
|
|
|
122 |
|
|
Other income |
|
17. |
|
|
5,356 |
|
|
|
5,745 |
|
|
Revenues and other income |
|
|
|
|
5,357 |
|
|
|
5,867 |
|
|
Operating expenses and other operating income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
18. |
|
|
(38,908 |
) |
|
|
(36,867 |
) |
|
General and administrative expenses |
|
18. |
|
|
(9,517 |
) |
|
|
(8,251 |
) |
|
Marketing and market access expenses |
|
18. |
|
|
(2,876 |
) |
|
|
(9,491 |
) |
|
Other operating income (expenses) |
|
18. |
|
|
7 |
|
|
|
(423 |
) |
|
Operating income (loss) |
|
|
|
|
(45,936 |
) |
|
|
(49,163 |
) |
|
Financial income |
|
20. |
|
|
1,755 |
|
|
|
2,095 |
|
|
Financial expenses |
|
20. |
|
|
(7,240 |
) |
|
|
(6,102 |
) |
|
Financial profit (loss) |
|
|
|
|
(5,485 |
) |
|
|
(4,007 |
) |
|
Net profit (loss) before tax |
|
|
|
|
(51,422 |
) |
|
|
(53,170 |
) |
|
Income tax benefit (expense) |
|
21. |
|
|
289 |
|
|
|
159 |
|
|
Net profit (loss) |
|
|
|
|
(51,132 |
) |
|
|
(53,011 |
) |
|
Attributable to owners of the Company |
|
|
|
|
(51,132 |
) |
|
|
(53,011 |
) |
|
Attributable to non-controlling interests |
|
|
|
|
— |
|
|
|
— |
|
|
Basic and diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share (€/share) |
|
22. |
|
|
(1.64 |
) |
|
|
(1.36 |
) |
5
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS
|
|
|
|
|
For the six-month period ended |
|
|||||
|
(in € thousands) |
|
Notes |
|
June 30, 2019 |
|
|
June 30, 2020 |
|
||
|
Net profit (loss) |
|
|
|
|
(51,132 |
) |
|
|
(53,011 |
) |
|
Actuarial gains and losses net of tax |
|
15. |
|
|
(128 |
) |
|
|
— |
|
|
Other comprehensive income (loss) that will never be reclassified to profit or loss |
|
|
|
|
(128 |
) |
|
|
— |
|
|
Exchange differences on translation of foreign operations |
|
|
|
|
1 |
|
|
|
(7 |
) |
|
Other comprehensive income (loss) that are or may be reclassified to profit or loss |
|
|
|
|
1 |
|
|
|
(7 |
) |
|
Total other comprehensive income (loss) |
|
|
|
|
(51,260 |
) |
|
|
(53,018 |
) |
|
Attributable to owners of the Company |
|
|
|
|
(51,260 |
) |
|
|
(53,018 |
) |
|
Attributable to non-controlling interests |
|
|
|
|
— |
|
|
|
— |
|
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
For the six-month period ended |
|
|
For the year ended |
|
|
For the six-month period ended |
|
|||
|
(in € thousands) |
|
June 30, 2019 |
|
|
December 31, 2019 |
|
|
June 30, 2020 |
|
|||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ Net profit (loss) |
|
|
(51,132 |
) |
|
|
(65,145 |
) |
|
|
(53,011 |
) |
|
+ Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Reconciliation of net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ Depreciation and amortization on tangible and intangible assets |
|
|
1,542 |
|
|
|
3,263 |
|
|
|
1,737 |
|
|
+ Impairment and provision for litigation |
|
|
1,804 |
|
|
|
357 |
|
|
|
124 |
|
|
+ Expenses related to share-based compensation |
|
|
356 |
|
|
|
1,657 |
|
|
|
513 |
|
|
- Gain on disposal of property, plant and equipment |
|
|
(1 |
) |
|
|
(19 |
) |
|
|
(2 |
) |
|
+ Net finance expenses (revenue) |
|
|
5,669 |
|
|
|
11,437 |
|
|
|
5,848 |
|
|
+ Income tax expense (benefit) |
|
|
(289 |
) |
|
|
(576 |
) |
|
|
(159 |
) |
|
+ Other non-cash items including Research Tax Credit litigation |
|
|
(11 |
) |
|
|
1,702 |
|
|
|
92 |
|
|
Operating cash flows before change in working capital |
|
|
(42,063 |
) |
|
|
(47,324 |
) |
|
|
(44,859 |
) |
|
Change in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables and other assets |
|
|
(10,103 |
) |
|
|
(1,640 |
) |
|
|
1,523 |
|
|
(Decrease) increase in trade payables and other liabilities |
|
|
5,307 |
|
|
|
1,284 |
|
|
|
(2,026 |
) |
|
Change in working capital |
|
|
(4,797 |
) |
|
|
(356 |
) |
|
|
(504 |
) |
|
Income tax paid |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net cash flows used in operating activities |
|
|
(46,859 |
) |
|
|
(47,680 |
) |
|
|
(45,362 |
) |
|
Cash flows from investment activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Acquisition of property, plant and equipment |
|
|
(65 |
) |
|
|
(2,030 |
) |
|
|
(785 |
) |
|
+ Proceeds from disposal of / reimbursement of property, plant and equipment |
|
|
(0 |
) |
|
|
2,517 |
|
|
|
— |
|
|
- Acquisition of financial instruments |
|
|
(128 |
) |
|
|
(160 |
) |
|
|
(49 |
) |
|
Net cash flows provided by (used in ) investment activities |
|
|
(193 |
) |
|
|
327 |
|
|
|
(834 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ Proceeds from issue of share capital (net) |
|
|
126,479 |
|
|
|
126,486 |
|
|
|
— |
|
|
+ Proceeds from subscription / exercise of share warrants |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
+ Proceeds from new loans and borrowings net of issue costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
- Repayments of loans and borrowings |
|
|
(1,513 |
) |
|
|
(1,884 |
) |
|
|
(1,601 |
) |
|
- Financial interests paid (including finance lease) |
|
|
(3,234 |
) |
|
|
(7,785 |
) |
|
|
(3,230 |
) |
|
Net cash flows provided by (used in ) financing activities |
|
|
121,732 |
|
|
|
116,860 |
|
|
|
(4,831 |
) |
|
Increase (decrease) in cash and cash equivalents |
|
|
74,680 |
|
|
|
69,508 |
|
|
|
(51,027 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
|
207,240 |
|
|
|
207,240 |
|
|
|
276,748 |
|
|
Cash and cash equivalents at the end of the period |
|
|
281,920 |
|
|
|
276,748 |
|
|
|
225,721 |
|
7
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
Share capital |
|
|
|
|
|
|
|
|
|
|
Retained |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings |
|
|
Currency |
|
|
Net |
|
|
shareholders' |
|
|
Non- |
|
|
Total |
|
||||||
|
|
|
Number |
|
|
Share |
|
|
Share |
|
|
Treasury |
|
|
(accumulated |
|
|
translation |
|
|
profit |
|
|
equity |
|
|
controlling |
|
|
shareholders' |
|
||||||||||
|
(in € thousands) |
|
of shares |
|
|
capital |
|
|
premium |
|
|
shares |
|
|
deficit) |
|
|
adjustment |
|
|
(loss) |
|
|
Group share |
|
|
interests |
|
|
equity |
|
||||||||||
|
As of January 1, 2019 |
|
|
31,183,921 |
|
|
|
7,796 |
|
|
|
251,554 |
|
|
|
(730 |
) |
|
|
(158,167 |
) |
|
|
6 |
|
|
|
(79,521 |
) |
|
|
20,939 |
|
|
|
— |
|
|
|
20,939 |
|
|
Net profit (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(51,132 |
) |
|
|
(51,132 |
) |
|
|
— |
|
|
|
(51,132 |
) |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
1 |
|
|
|
— |
|
|
|
(128 |
) |
|
|
— |
|
|
|
(128 |
) |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
1 |
|
|
|
(51,132 |
) |
|
|
(51,260 |
) |
|
|
— |
|
|
|
(51,260 |
) |
|
Allocation of prior period profit (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(79,521 |
) |
|
|
— |
|
|
|
79,521 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Capital increase |
|
|
7,647,500 |
|
|
|
1,912 |
|
|
|
124,567 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126,479 |
|
|
|
— |
|
|
|
126,479 |
|
|
Equity component of OCEANE net of deferred taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
356 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
356 |
|
|
|
— |
|
|
|
356 |
|
|
Treasury shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(469 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(469 |
) |
|
|
— |
|
|
|
(469 |
) |
|
Other movements |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
As of June 30, 2019 |
|
|
38,831,421 |
|
|
|
9,708 |
|
|
|
376,477 |
|
|
|
(1,199 |
) |
|
|
(237,815 |
) |
|
|
7 |
|
|
|
(51,132 |
) |
|
|
96,045 |
|
|
|
— |
|
|
|
96,045 |
|
|
Net profit (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,012 |
) |
|
|
(14,012 |
) |
|
|
— |
|
|
|
(14,012 |
) |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
|
|
8 |
|
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
|
|
(32 |
) |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
|
|
8 |
|
|
|
(14,012 |
) |
|
|
(14,044 |
) |
|
|
— |
|
|
|
(14,044 |
) |
|
Allocation of prior period profit (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Capital increase |
|
|
27,196 |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0 |
) |
|
|
— |
|
|
|
(0 |
) |
|
Equity component of OCEANE net of deferred taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,301 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,301 |
|
|
|
— |
|
|
|
1,301 |
|
|
Treasury shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
721 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
721 |
|
|
|
— |
|
|
|
721 |
|
|
Other movements |
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
43 |
|
|
As of December 31, 2019 |
|
|
38,858,617 |
|
|
|
9,715 |
|
|
|
377,821 |
|
|
|
(478 |
) |
|
|
(237,862 |
) |
|
|
14 |
|
|
|
(65,145 |
) |
|
|
84,065 |
|
|
|
— |
|
|
|
84,065 |
|
|
Net profit (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
||||||||||||||||