Towards scale and revenues

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains €34-51 per share. We highlight funding risk from 2018.