Sales in 2021 amount to €3.04 million, against €3.99 million in 2020. The sales are essentially composed of income from the various contracts concluded with AFYREN NEOXY (patent and know-how licenses, services related to the obtaining of the BBI grant by AFYREN NEOXY, commercial and administrative assistance services).
As expected, the Company recorded a net loss in 2021, amounting to €3.61 million (compared to €2.13 million in 2020), as a consequence of the acceleration of investments prior to the operation of the industrial units.
Cash and cash equivalents amounted to €67.13 million as of December 31, 2021, thanks in particular to the capital increase within the framework of AFYREN's IPO in September 2021, which raised nearly €70 million.
Purpose and extra-financial rating significantly improved
Following several months of reflection and consultation with its internal and external stakeholders, AFYREN and its board of directors define and formalize its Purpose in early 2022: "We enable low-carbon, circular industry by providing biobased solutions built with our partners to benefit the environment."
In 2021, AFYREN already initiated a first external rating with Gaïa Rating, a subsidiary of EthiFinance, and obtained an "Advanced" score of 55/100. After all of the work carried out in 2021, including the implementation of the Purpose and materiality, the placement of a person in charge of ESG in AFYREN's Executive Committee, as well as the creation of a code of conduct for its suppliers, AFYREN obtained, at the beginning of 2022, a rating of 66/100.
This progress of 11 points compared to the previous year puts AFYREN in the “Advanced +” on the EthiFinance scale, highlighting a level of ESG maturity that is significantly higher (+ 33 pts) than what is observed for comparable companies in terms of headcount and sector of activity.
Outlook and financial objectives
The commissioning of the first AFYREN NEOXY plant will enable the delivery of the first batches from 2022. In parallel, AFYREN is currently studying the implementation of plant n°2 for commissioning at the end of 2024, notably by analyzing different scenarios for several raw materials, in North America and Asia, by ongoing discussions with potential partners and by evaluating the structuring of the financing.
On a longer-term basis, and with two complementary plants (plant n°2 and n°3), AFYREN reaffirms its financial outlook and objectives:
Retail Investor Webinar on Monday, March 28, 2022 at 11:00 am
Nicolas SORDET, CEO, Maxime CORDONNIER, CFO and Caroline PETIGNY, CSR and Communication Director of AFYREN as well as Jean SAINT-DONAT, President of AFYREN NEOXY, will comment on the industrial commissioning of the plant as well as the 2021 financial results.
The webinar will be held in French and hosted by EasyBourse, on Monday March 28, 2022 at 11:00 am. The management will deliver a presentation which will be followed by a Q&A session.
The webinar will be available via the following link: webinar registration.
 The BBI grant is awarded through a €3.7 billion public-private partnership between the European Union and the Bio-industries consortium, of which AFYREN NEOXY is a member, which aims, among other things, to facilitate the transition to a sustainable bioeconomy.
 Recurring EBITDA is defined at Company level and reflects recurring operating income adjusted for depreciation, amortization and net impairment of property, plant and equipment and intangible assets. Restated current EBITDA is defined at the level of the production units and reflects current operating income adjusted for depreciation, amortization and net impairment of property, plant and equipment and intangible assets, and, where applicable, for the annual flat-rate portion of royalties relating to the remuneration of a technology license granted by Afyren (including the fixed and variable portions).
 Revenues in excess of €150 million reflect the combined revenues of the production units