On October 16, 2017, the Company issued 6,081,081 OCEANEs at par with a nominal unit value of €29.60 per bond for an aggregate nominal amount of €180 million. This debt was renegotiated in January 2021, and share conversions were executed during the period. No OCEANE has been converted during the first half of 2022.


			At origin (10/16/2017) :
			Number of bonds						6,081,081
			Nominal amount of the loan						179,999,997.60€
			Nominal unit value of the bonds						29.60€
			Conversion / exchange premium						30%
									To GENFIT's reference share price :
									22.77€
			Annual nominal interest rate						3.5%
									Payable semi-annually in arrears
			Annual nominal interest rate						7.2%
			Offering						10/16/2017
									At par
			Redemption						10/16/2022
									Redemption prior to maturity at the option of the Company from
									11/6/2020
									if the arithmetic volume-weighted average price of
									GENFIT's listed share price and the then prevailing conversion ratio over a
									20
									trading period exceeds
									150%
									of the nominal value of the OCEANEs.
			After OCEANEs buyback :
			Number of bonds						3,185,821
			Nominal amount of the loan						94,300,301.60€
			Nominal unit value of the bonds						29.60€
			Effective interest rate						8.8%
			As of 06/30/2022 :
			Number of bonds						1,923,662
			Nominal amount of the loan						56,940,395.20€
			Nominal unit value of the bonds						29.60€
			Effective interest rate						8.8%

See Note 12.1 "Breakdown of convertible loan" in the Notes to the Consolidated Financial Statements in the Company's 2021 20-F filing for a detailed description of the OCEANEs repurchase and amendment of terms, the accounting impacts of the debt renegotiation, and conversions into shares executed in 2021 following this renegotiation.


Other loans and borrowings - Total	As of
(in € thousands)	2021/12/31	2022/06/30
Refundable and conditional advances	3,229	3,229
Bank loans	15,824	15,514


Obligations under leases	7,069	6,793
Accrued interests	16	33

Bank overdrafts	—	—
TOTAL	26,138	25,569


Other loans and borrowings - Current	As of
(in € thousands)	2021/12/31	2022/06/30
Refundable and conditional advances	—	—
Bank loans	667	782


Obligations under leases	1,089	1,015
Accrued interests	16	33
Other financial loans and borrowings	—	—

TOTAL	1,773	1,830


Other loans and borrowings - Non current	As of
(in € thousands)	2021/12/31	2022/06/30
Refundable and conditional advances	3,229	3,229
Bank loans	15,156	14,732


Obligations under leases	5,980	5,778
Accrued interests	—	—

Bank overdrafts	—	—
TOTAL	24,365	23,739


Refundable and conditional advances—general overview	Grant date	Total amount allocated	Receipts	Repayments	Effects of discounting	Net book value As of 2022/06/30
(in € thousands)
BPI FRANCE - IT-DIAB	2008/12/23	3,229	3,229	—	—	3,229
Development of a global strategy for the prevention and management of type 2 diabetes
TOTAL		3,229	3,229	—	—	3,229


Refundable and conditional advances—general overview	Grant date	Total amount allocated	Receipts	Repayments	Effects of discounting	Net book value As of 2021/12/31
(in € thousands)
BPI FRANCE - IT-DIAB	2008/12/23	3,229	3,229	—	—	3,229
Development of a global strategy for the prevention and management of type 2 diabetes
TOTAL		3,229	3,229	—	—	3,229


BPI FRANCE IT-DIAB			On December 23, 2008, the Group received an advance from BPI France (the BPI France IT-DIAB) as part of a framework innovation aid agreement involving several scientific partners and for which the Group was the lead partner. The contribution expected at each stage by each of the partners in respect of work carried out and results achieved is defined in the framework agreement. With respect to the Group, the aid consisted of a €3,229 conditional advance and a €3,947 non-repayable government grant.

			The conditional advance is not refundable except in the event of success. The program ended on December 31, 2014. In the event of success, defined as the commercial spin-offs of the IT-Diab program which involves products for the treatment or diagnosis of type 2 diabetes, in that case, the financial returns generated will be used initially to repay the €3,229 conditional advance and the agreement stipulates that the conditional advance will be regarded as repaid in full when the total payments made in this regards by the recipient, discounted at the rate of 5.19%, equal the total amount, discounted at the same rate, of the aid paid. Any further amounts will be classified as additional payments, up to a maximum amount of €14,800.

As provided in the project assistance contract, we sent a letter to BPI in December 2019 in order to notify it of our Labcorp and Terns contracts while indicating that elafibranor was now aimed at treating hepatic diseases and no longer type 2 diabetes as provided for in the aid agreement. We proposed to BPI to establish a statement of abandonment of the IT DIAB project on which the above advance is based. Following this letter, the parties met in March 2020 for the presentation of our arguments, and in June 2020 following the publication of the results of the RESOLVE-IT study, and a new letter was sent in November 2020. In this context, we are awaiting a proposal from BPI on new financial terms related to this situation and a draft amendment to the repayable advance agreement. Until we receive a response from BPI France, we consider that the fair value of this liability corresponds to the amount paid by BPI FRANCE.

•A State-Guaranteed Loan (or "Prêt Garanti par l'Etat - PGE")(Bank PGE) for an amount of €11,000 (€10,919 net of fees), granted on June 24, 2021 by a syndicate of four French banks and paid out on June 29, 2021, 90% guaranteed by the French government with an initial term of one year with repayment options up to six years;

•A State-Guaranteed Loan (Bpifrance PGE) for an amount of €2,000 (€1,985 net of fees) granted on July 20, 2021 by Bpifrance and paid out on July 23, 2021, 90% guaranteed by the French government with an initial term of one year with repayment options up to six years;

Regarding the Bank PGE, the loan’s post-extension terms did not result in a revision of the maturity date of 29 June 2025 used at the time of the closing on 31 December 2021 (8 linear quarterly payments between September 29, 2023 and June 29, 2025), nor the amount of the “guarantee premiums” (which increases progressively from 0.25% in the first year to 1% in the third year and beyond). Only the interest rate for the second to fourth years was determined at the time of the extension and is therefore changed in relation to the assumptions used as of 31 December 2021. This annual interest rate is as follows:

Regarding the Bpifrance PGE, the extension resulted in a one-year extension of the loan’s maturity compared with the assumption made as of 31 December 2021, i.e. 23 July 2027 (20 linear quarterly payments between October 23, 2022 and July 23, 2027) instead of 23 July 2026, as well as a change in the rate of the “guarantee premium” and a change in the interest rate of the loan. The revised terms from 1 August 2022 are as follows: the interest rate is 2.25% (including 1.00% under the French State guarantee).

Regarding the Subsidized Loan, the terms have remained unchanged since the time of closing in November 2021, providing for a 4-quarter deferment of capital amortization, followed by 20 equal quarterly payments (amortization and interest) between February 28, 2023 and November 30, 2027, at a fixed interest rate of 2.25% per annum.

In accordance with the ANC recommendation (Recommendations and observations relating to the recognition of the consequences of COVID-19 in the accounts and positions prepared as from 1 January 2020), the accounting treatment relating to the extension of the two PGEs applied in the Group’s condensed consolidated financial statements as of 30 June 2022 is as follows:

•Bank PGE: in the absence of a revision of the probable maturity, the revision of the interest rate of the non-guaranteed loan was accounted for prospectively as soon as the revised interest rate was known after agreement with the bank. The EIR after taking the extension into account is now as follows:

•Bpifrance PGE: in view of the revision of the maturity of the PGE and the revision of the cost of the guarantee, the revision of the flows to be paid results, for the portion corresponding to the revision of the cost of the guarantee, in an increase in the debt in the amount of €44 against earnings, discounting new cash flows at the effective interest rate used for the closing as of 31 December 2021. Only the change in the revised interest rate has been accounted for prospectively. The EIR after taking the extension into account is now 1.65% per annum (1.95% at December 31, 2021).


Bank loans	Loan	Facility	Interest		Outstanding As of 2021/12/31	Installments	Outstanding As of 2021/12/31
(in € thousands)	date	size	rate
CDN 3	April 2016	500	0.72	%	—	60 monthly	—
CDN 4	June 2017	600	0.36	%	—	48 monthly	—
CDN 5	November 2018	500	0.46	%	—	48 monthly	115
CIC 4	December 2016	265	0.69	%	—	60 monthly	4
CIC 5	July 2017	1,000	0.69	%	—	60 monthly	152
BNP 2	June 2016	500	0.80	%	—	20 quarterly	—
BNP 3	October 2016	1,050	0.80	%	—	20 quarterly	105
BNP 4	April 2017	800	0.87	%	—	60 monthly	217
AUTRES	-	—	0.00	%	—	—	20
CDN PGE	June 2021	900	(*)		—	8 quaterly	900
CIC PGE	June 2021	2,200	(*)		—	8 quaterly	2,200
BNP PGE	June 2021	4,900	(*)		—	8 quaterly	4,900
NATIXIS PGE	June 2021	3,000	(*)		—	8 quaterly	3,000
BPI PGE	July 2021	2,000	1.85	%	—	16 quaterly	2,000
BPI PRÊT TAUX BONIFIE	November 2021	2,250	2.25	%	—	20 quaterly	2,250
TOTAL		20,465			—		15,864


Bank loans	Loan	Facility	Interest		Available	Installments	Outstanding
	date	size	rate		as of		as of
(in € thousands)					2022/06/30		2022/06/30
CDN 3	April 2016	500	0.72	%	—	60 monthly	—
CDN 4	June 2017	600	0.36	%	—	48 monthly	—
CDN 5	November 2018	500	0.46	%	—	48 monthly	53
CIC 4	December 2016	265	0.69	%	—	60 monthly	—
CIC 5	July 2017	1,000	0.69	%	—	60 monthly	51
BNP 2	June 2016	500	0.80	%	—	20 quarterly	—
BNP 3	October 2016	1,050	0.80	%	—	20 quarterly	—
BNP 4	April 2017	800	0.87	%	—	60 monthly	136
AUTRES	-	—	0.00	%	—	—	19
CDN PGE	June 2021	900	1.36	%	—	8 quaterly	900
CIC PGE	June 2021	2,200	0.75	%	—	8 quaterly	2,200
BNP PGE	June 2021	4,900	0.45	%	—	8 quaterly	4,900
NATIXIS PGE	June 2021	3,000	0.40	%	—	8 quaterly	3,000
BPI PGE	July 2021	2,000	2.25	%	—	16 quaterly	2,000
BPI PRÊT TAUX BONIFIE	November 2021	2,250	2.25	%	—	20 quaterly	2,250
TOTAL		20,465			—		15,508


Maturity of financial liabilities	As of	Less than	Less than	Less than	Less than	Less than	More than
(in € thousands)	2022/06/30	1 year	2 years	3 years	4 years	5 years	5 years
BPI FRANCE - IT-DIAB	3,229	—	—	—	—	—	3,229
TOTAL - Refundable and conditional advances	3,229	—	—	—	—	—	3,229
Convertible loans	49,175	415	—	—	48,760	—	—
Bank loans	15,514	782	6,321	6,343	863	868	336


Leases	6,793	1,015	972	973	984	995	1,855
Accrued interests	33	33	—	—	—	—	—


TOTAL - Other loans and borrowings	71,515	2,245	7,292	7,316	50,607	1,864	2,191
TOTAL	74,744	2,245	7,292	7,316	50,607	1,864	5,420