- Consolidated revenue includes the ATM sub-group as from 1 June 2019 (7 months). When taking into account ATM’s revenue over 12 months, activity reached €20M.
- External expenses include €318K in expenses that no longer exist concerning, in particular, rents and other expenses in connection with sites that have been closed or sold.
- Personnel expenses include €1 165K in expenses concerning employees who are no longer with the company or are currently in the process of leaving.
- Extraordinary income is negative, at -€1 356K, mainly due to latent losses on shares and securities.
Analysis of the cash flows shows the shift that is underway: cash flow from operating activities is improving, allowing for a decrease in cash flow from financing activities despite the increase in cash flow from investing activities in support of the Group’s dynamic growth strategy. All these cash-flow activities made it possible to retain a cash position of close to €2M.
The 2019 accounts are available in detail at www.deltadrone.com
Drawdown of a tranche of ORNAN of €1M of aggregate nominal value in accordance with the financing agreement dated 7 April 2020
In accordance with the authority granted to the Board of Directors by the Extraordinary General Shareholders’ meeting of Delta Drone (the “Company”) dated 24 April 2020 pursuant to its sixth resolution, the Board of Directors:
- approved the principle of issuing 1 000 tranche warrants (the “Tranche Warrants”), giving access to 1 000 bonds redeemable in cash and/or new shares (the “ORNAN”) with share subscription warrants attached (the “Warrants”) upon exercise, to the investment fund YA II PN, LTD (the “Investor”), a fund managed by the US management company Yorkville Advisors, representing a financing of up to €10M of aggregate nominal value; and
- empowered the Chairman and CEO to decide to launch this transaction, to approve its final terms and conditions, to issue the Tranche Warrants and to drawdown the tranches of ORNAN with Warrants attached.
Pursuant to the sub-delegation of authority granted to him by the Board of Directors on 28 April 2020, the CEO decided today to launch this transaction, to approve its final terms and conditions, to issue the Tranche Warrants and to drawdown the first tranche of ORNAN with Warrants attached.
The main characteristics of the Tranche Warrants, ORNAN and Warrants (the terms and conditions of which are available in detail on the Company’s website (www.deltadrone.com) under the « Investors » tab) have been presented in a press release dated 7 April 2020.
In accordance with the financing agreement entered into on 7 April 2020 with the Investor, a first tranche of ORNAN with Warrants attached of €1M of aggregate nominal value has been drawdown today, corresponding to the issuance of 100 ORNAN with 22 058 823 Warrants attached.
Prospects for 2020
The effects of the current health crisis and a presentation of our current situation were the subject of an in-depth press release a few days ago (see press release dated 27 April 2020).
It is too early to evaluate the impact of the “post-crisis” period on business activity levels in the coming months. In any event, the 2020 financial year may be atypical, but we cannot determine what it will look like at this point in time.
In this highly unusual context, Delta Drone will continue to implement its 2020 – 2021 plan and do everything it can to reach the goals it has set.
The date of the Annual General Meeting called to approve the accounts will be held on June 15, 2020.