CAPÍTULO III TRATAMIENTO DE RESIDUOS SÓLIDOS ORGÁNICOS PARA
3.1 Tratamiento para convertir los desechos en abono
3.1.2 Lombricultura
The conditional advances from public institutions are subject to contracts with OSEO and COFACE.
As of December 31, 2012, the Company had two advance contracts with OSEO Innovation and a contract with COFACE. As of December 31, 2013, the Company had three advance contracts with OSEO Innovation and a contract with COFACE. As of December 31, 2014, the Company had two advance contracts with OSEO Innovation and a contract with COFACE.
These advances do not bear interest and are 100% repayable at their nominal value in the event of technical and/or commercial success.
The Company also benefited from a third grant from BpiFrance Financement in November 2014.
The portion of the conditional advances for terms longer than one year is classified as non-current liabilities, while the portion for terms of less than one year is classified as current liabilities.
The table below presents the details of the debts recorded on the statement of financial position by the type of conditional advance (amounts in Euros):
2nd OSEO
advance 3rd OSEO
advance 4th OSEO
advance COFACE Total Opening Balance Sheet Debt as of 1/1/2012 450,713 246,238 — 122,501 819,452
+ receipts — — — — —
- repayments (200,000) — — — (200,000)
+/- other transactions 6,701 3,661 — 4,251 14,613
Opening Balance Sheet Debt as of 12/31/2012 257,414 249,899 — 126,752 634,065 Of which:
Non-current portion 376,651
Current portion 257,414
F-25
2nd OSEO
The changes appearing in “Other transactions” are comprised of the effect of discounting conditional advances.
Second OSEO Advance
On January 10, 2005, DBV Technologies obtained from OSEO a repayable financial assistance for innovation in the amount of €600,000 for a project to design a high-speed prototype machine for the production and development of second-generation patches intended for the detection of various allergies. The principal steps of this advance are the following:
• €300,000 were paid to the Company in 2005 upon the signing of the contract;
• €180,000 were paid to the Company in 2008;
• the balance of €120,000 was received in 2010.
The terms of repayment are the following:
• the first repayment of €140,000 made in 2011;
• the second repayment in the amount of €200,000 made in 2012;
• the third and final repayment in the amount of €260,000 made in 2013.
Third OSEO Advance
In 2011, the Company was notified by Oseo Innovation of a new grant in the form of a conditional advance of up to €640,000 to finance the development of its program of treatment of the allergy to proteins in cow’s milk.
The amount of the assistance will be paid as follows:
• €256,000 after the contract was signed;
• €256,000 from June 30, 2012 upon a call for funds;
• the balance of €128,000 after confirmation of the end of the programme notified on December 31, 2013.
The first payment of €256,000 was received in 2011.
The second payment of €256,000 was received in 2013.
The final balance of €128,000 has been received in 2014.
In the event of technical or commercial success of the program, the repayment schedule will be the following:
• €64,000 no later than September 30, 2014;
• €64,000 no later than December 31, 2014;
• €64,000 no later than March 31, 2015;
• €64,000 no later than June 30, 2015;
• €32,000 no later than September 30, 2015;
• €32,000 no later than December 31, 2015;
• €32,000 no later than March 31, 2016;
• €32,000 no later than June 30, 2016;
• €32,000 no later than September 30, 2016;
• €32,000 no later than December 31, 2016;
• €32,000 no later than March 31, 2017;
• €32,000 no later than June 30, 2017;
• €32,000 no later than September 30, 2017;
• €32,000 no later than December 31, 2017;
• €32,000 no later than March 31, 2018;
• €32,000 no later than June 30, 2018.
Regardless of the outcome of the development program, a fixed sum of €256,000 must be repaid in four quarterly instalments of €64,000 beginning on September 30, 2014.
Fourth OSEO Advance
In 2013, OSEO has provided assistance in the form of conditional advances for €3,206,162 to DBV Technologies as part of a collaborative research and clinical development in mite allergy in young children. ImmunaVia, the program, will be funded according to the following schedule, subject to the progress of the program:
• €903,500 paid in April 2013;
• €903,500 in October 2014;
• €918,000 in October 2015;
• €481,162 in April 2018.
The funds of October 2014, were finally received on January 22, 2015 for an amount of €864,989.
Such conditional advance bears interest at an annual rate of 2.05%. In case of technical or commercial success of the project, the repayment schedule, for a total amount of €3,750,000 (including interest), is as follows:
• €400,000 on or before June 30, 2021;
• €800,000 on or before June 30, 2022;
• €1,100,000 no later than June 30, 2023;
• €1,450,000 no later than June 30, 2024.
Furthermore, the financing program includes additional payment by OSEO to the company for a total of €1,919,056 in non-refundable subsidies.
BpiFrance Financement Interest-Free Loan
In 2014, BpiFrance Financement granted an interest-free Innovation loan of €3,000,000 to DBV Technologies to help financing the pharmaceutical development of Viaskin Milk. This amount was received in a single disbursement on November 27, 2014.
The planned repayment schedule is as follows:
• €150,000 on June 30, 2017;
• €150,000 on September 30, 2017;
• €150,000 on December 31, 2017;
• €150,000 on March 31, 2018;
• €150,000 on June 30, 2018;
• €150,000 on Septembre 30, 2018;
• €150,000 on Decembre 31, 2018;
• €150,000 on March 31, 2019;
• €150,000 on June 30, 2019;
• €150,000 on Septembre 30, 2019;
• €150,000 on Decembre 31, 2019;
• €150,000 on March 31, 2020;
• €150,000 on June 30, 2020;
• €150,000 on September 30, 2020;
• €150,000 on Decembre 31, 2020;
• €150,000 on March 31, 2021;
• €150,000 on June 30, 2021;
• €150,000 on September 30, 2021;
• €150,000 on Decembre 31, 2021;
• €150,000 on March 31, 2022;
COFACE Advance
On September 6, 2007, DBV Technologies signed a prospecting insurance contract with Compagnie Française d’Assurance pour le Commerce Extérieur (“COFACE”) in order to promote its Diallertest product internationally. Under the terms of that contract, the Company received conditional advances of up to
€147,534. DBV Technologies must repay these advances in amounts of up to 7% of its revenue from the export sales of its Diallertest product, until April 30, 2017. As of December 31, 2014, the amount that remained to be repaid under this advance amounted to €145,760 (€146,040 as of December 31, 2013).
The accounting treatment resulting from any changes in the anticipated flow of repayments of this advance is described in Note 3.11.
11.2 Due Dates of the Financial Liabilities
Due dates of the financial liabilities posted as of December 31, 2012
Due dates of the financial liabilities recognized as of December 31, 2013
As detailed in Note 13, other current liabilities are primarily social security and tax liabilities and are mainly due in less than one year from the reporting date.
Due dates of the financial liabilities recognized as of December 31, 2014
As detailed in Note 13, other current liabilities are primarily social security and tax liabilities and are mainly due in less than one year from the reporting date.
Commitments for Compensation Payable to Employees Upon Their Retirement
Amounts in Euros
As of January 1, 2012 (117,994)
Costs of services rendered (operating expense) (32,367)
Interest expense (4,128)
Costs of services rendered (operating expense) (83,594)
Interest expense (finance expense) (5,978)
Benefit paid —
Actuarial losses 53,266
As of December 31, 2013 (290,695)
Costs of services rendered (operating expense) (74,731)
Interest expense (finance expense) (12,050)
Benefit paid —
Actuarial gains (153,256)
As of December 31, 2014 (530,732)