OREGE

Annual results 2019 & activity - Seite 2

- Aqualia (Spain): the first phase of this multi-phase project was completed in December 2019 but the project has been frozen since March 2020. As a result of the Covid 19 crisis, Aqualia and Orège have been led to re-negotiate the commercial terms of this project which should now comprise revenues being generated from gain sharing over several years.

Orège’s operational activity in the first half of 2020 has been significantly impacted by the Covid 19 crisis. All the projects in execution (15 signed contracts) were stopped either in February (Japan and Lombardy-Italy) or in March.

Orège has resumed the execution of 4 projects in June and anticipates the resumption of most of the other projects over the course of the summer as and when borders reopen, air travel becomes possible again and customers authorize our teams to be able to resume project execution on their sites.

At the date of this press release, these 15 contracts under execution represent some € 5 million of turnover, of which € 3 million should be recorded and cashed in during 2020. The balance would be recorded and cashed in over the following years (leasing, long-term rental, or gain sharing contracts).

Summary financial information for the year ended December 31 2019.

 (Consolidated financial statements approved by the board of directors on June 12, 2020.
The audit procedures by the statutory auditors are being finalized)

In k€ - IFRS	2019	2018
Turnover	935	2 260
Net operating expenses:
Payroll costs	-3 814	-4 030
Operating expenses:
Manufacturing, sub-contracting	-1 816	-2 350
Travel and subsistence expenses	-829	-1 019
Leasing and maintenance	-460	-897
Other operating expenses	-1 510	-1 713
Depreciation	-54	-455
Amortization