Editing Meatech (section)

==Financials<ref name=":0" />==

MeaTech is still in its early stages and hence does not have any revenues, nor is it expecting to have any in the shorter term.

Edison Investment Research provides summary financials below.

{| class="wikitable"
|+ Exhibit 7: Summary P&L
|-
! Year ending December ($ 000) !! 2019 !! 2020 !! H12021
|-
| R&D expenses|| (166) || (2,491) || (2,146)
|-
| Marketing expenses || 0|| (506)|| (600)
|-
| General and administrative expenses || (256)|| (5,380)|| (3,983)
|-
| Public listing expenses|| 0|| (10,164)|| 0
|-
| Operating profit/(loss)|| (422)|| (18,541)|| (6,729)
|-
| Net financing income/(expense) || (1) || 17|| (89)
|-
| Net profit/(loss)|| (423) || (18,524)|| (6,818)
|-
| colspan="4" | '''Source: MeaTech 3D'''
|}

R&D expenses were $2.5m in FY20 and $2.1m in H121, reflecting MeaTech’s increased investment to expand its cultured meat technology capabilities. Operating losses in FY20 were affected by listing expenses. Edison Investment Research believes the cash flow statement is more relevant, given MeaTech is an early stage company. Free cash flow is obviously negative as the company is loss-making. Free cash flow burn has been accelerating as MeaTech has stepped up its investments to expand its capabilities.

For completeness, Edison Investment Research also provides a summary balance sheet.

{| class="wikitable"
|+ Exhibit 8: Summary balance sheet
|-
! Year ending December ($ 000) !! 2019 !! 2020 !! H121
|-
| Cash & cash equivalents|| 975|| 9,043|| 24,782
|-
| Other|| 309|| 149|| 147
|-
| Receivables|| 38|| 131|| 1,174
|-
| Total current assets || 1,322|| 9,323|| 26,103
|-
| Net fixed assets || 127|| 906|| 2,206
|-
| Intangible assets || 0|| 0|| 9,930
|-
| Other assets || 239|| 2,732|| 1,958
|-
| Total non-current assets || 366|| 3,638|| 14,094
|-
| Payables || 295|| 1,347|| 1,932
|-
| Other || 109|| 496|| 210
|-
| Total current liabilities || 404|| 1,843|| 2,142
|-
| Long-term lease liabilities|| 92|| 0|| 102
|-
| Total non-current liabilities || 92|| 0|| 102
|-
| Total net assets || 1,491|| 15,631|| 43,808
|-
| colspan=4 | '''Source: MeaTech 3D'''
|}


{| class="wikitable"
|+ Exhibit 9: Summary cash flow statement
|-
! Year ending December ($ 000) !! 2019 !! 2020 !! H121
|-
| Net profit/(loss) || (423)|| (18,524)|| (6,818)
|-
| Depreciation & amortisation || 21|| 213|| 278
|-
| change in fair value of derivatives & other investments || 0|| (110)|| (401)
|-
| Share-based payments || 0|| 3,958|| 2,313
|-
| Public listing expenses || 0|| 10,164|| 0
|-
| Change in receivables || (36)|| 5|| (782)
|-
| Change in payables || 251|| 462|| 457
|-
| Other || 14|| 0|| 0
|-
| Net cash from operating activities || (173)|| (3,832) || (4,953)
|-
| Purchase of fixed assets || (126)|| (681)|| (902)
|-
| Free cash flow || (299)|| (4,513)|| (5,855)
|-
| Change in restricted deposit || (41)|| (6)||(337)
|-
| Acquisitions || 0|| (1,188)|| (4,848)
|-
| Other|| (86)|| 0|| 0
|-
| Net cash from investing activities|| (253)|| (1,875)|| (6,087)
|-
| Proceeds from issuance of shares & warrants|| 1,670|| 14,887|| 27,143
|-
| Issuance costs|| (8)|| (819)|| (1,145)
|-
| Repayment of lease liability || (14)|| (140)|| (134)
|-
| Proceeds from exercise of share options || 0|| 2,776|| 3,196
|-
| Proceeds from other financing activities || 0|| 641|| 73
|-
| Net cash from financing activities ||1,648||17,345||29,133
|-
| Increase in cash & cash equivalents||1,222||11,638||18,093
|-
| FX|| 21||644||(1,012)
|-
| Cash & cash equivalents at start of the period ||31|| 1,274|| 13,556
|-
| Cash & cash equivalents at end of the period || 1,274|| 13,556|| 30,637
|-
| colspan=4 | '''Source: MeaTech 3D'''
|}