gnft-6k_20200930.htm

 

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


 

TABLE OF CONTENTS

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

4

 

CONSOLIDATED STATEMENTS OF OPERATIONS

5

 

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS

6

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

7

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

8

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

9

1.

THE COMPANY

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.

Other Events after the Reporting Period

11

3.

BASIS OF PRESENTATION

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12

5.

FINANCIAL RISKS MANAGEMENT

12

 

5.1.

Foreign exchange risk

12

 

5.2

Interest rate risk

14

 

5.3

Liquidity risk

14

 

5.4

Credit risk

14

6.

CASH AND CASH EQUIVALENTS

14

7.

INTANGIBLE ASSETS

15

8.

PROPERTY, PLANT AND EQUIPMENT

17

9.

TRADE AND OTHER RECEIVABLES

18

10.

OTHER FINANCIAL ASSETS

20

11.

OTHER ASSETS

20

12.

LOANS AND BORROWINGS

21

 

12.1.

Breakdown of convertible loan

21

 

12.2.

Breakdown of loans and borrowings

22

 

12.3.

Maturities of financial liabilities

24

13.

TRADE AND OTHER PAYABLES

25

14.

PROVISIONS

25

15.

EMPLOYEE BENEFITS

25

16.

EQUITY

27

17.

OTHER INCOME

28

18.

OPERATING EXPENSE

28

 

18.1.

Employee expenses

30

19.

SHARE-BASED COMPENSATION

30

20.

FINANCIAL REVENUE AND EXPENSES

31

21.

INCOME TAX

31

 

21.1.

Losses available for offsetting against future taxable income

31

 

21.2.

Deferred tax assets and liabilities

31

22.

EARNINGS PER SHARE

32

23.

LITIGATION AND CONTINGENT LIABILITIES

32

24.

RELATED PARTIES

33

25.

COMPENSATION OF CORPORATE OFFICERS

34

26.

COMMITMENTS

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(53,011

)

 

 

(53,011

)

 

 

 

 

 

(53,011

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Total comprehensive income (loss)