Ecoslops 1st semester 2019: New strong growth in revenue and first
positive group EBITDA
Paris, September 25th, 2019 - 7:45 pm
Ecoslops, the cleantech that brings oil into the circular
economy, announces the results for the first half of the current
financial year, ended June 30, 2019, decided by the Council of
Directors at its meeting of 25 September 2019.
Vincent Favier, CEO of Ecoslops, says:
Ecoslops has achieved a significant milestone in the first half
of 2019 both operationally and financially and strategically.
Firstly, the Portuguese operating subsidiary is showing strong
growth in volumes, sales (+ 74% and x2 in refined products) and
profitability. Then, the rigorous management of the resources
committed to the construction of the Marseille unit and the
development of other projects (Mini P2R, Antwerp, Egypt, etc.) made
it possible to limit the net loss at € 0.5m against € 1.4m at the
same period last year and thus to clear for the first time a
positive Group EBITDA. Finally, the three financial closes bring a
long-term visibility in phase with our needs: entry of the Total
group into the capital of Ecoslops Provence (Marseille), firm
commitment by the BNP, HSBC and BP Med banks to the tune of € 6.5m
(Marseille) and financing from the European Investment Bank up to €
18 million (Marseille, Antwerp, R & D equity). This visibility
makes it possible to consider serenely the next semesters and to
proceed with the recruitments made necessary by a pipeline of
opportunities that continues to grow steadily.
|
06/30/2019 |
06/30/2018 |
Var. k€ |
Refined products |
3 595 |
1 697 |
1 898 |
Seaport services &
Others |
958 |
915 |
43 |
Total
turnover |
4 553 |
2 612 |
1 941 |
|
|
|
|
Operating
income |
5 093 |
2 701 |
2 392 |
Operating
expenses |
(5 619) |
(4 051) |
(1 568) |
Operating
profit |
(526) |
(1 350) |
824 |
|
|
|
|
Financial
loss |
(113) |
(164) |
51 |
|
|
|
|
Net result |
(481) |
(1 374) |
893 |
Net result attributable
to the parent company |
(465) |
(1374) |
909 |
|
|
|
|
EBITDA
GROUPE |
125 |
(710) |
835 |
Strong growth in salesThe group's turnover
reached € 4.6m against € 2.6m in the first half of 2018 (including
€ 3.6mand € 1.7m in sales of refined products respectively). It is
recalled that the P2R unit of Sinès inPortugal had been the subject
of a scheduled shutdown during the first quarter of 2018 in order
to provide technical improvements.Over the semester, 13,360T were
produced (compared to 6,080T in 2018) and 12,000T sold (compared to
5 250T).The increase in Refined Products revenue is therefore the
result of a volume effect (+ 129%)and a decrease in the average
selling price / tonne of 7%, resulting from a fall in the average
price ofBrent by 12% and EUR / $ more favorable by 5%.
Positive Group EBITDA in the first halfFor the
first time, the Group EBITDA becomes positive. Sines unit posted
positive EBITDAjust over € 800,000 (compared with just under €
200,000 in the first half of 2018), whichcover the costs of
structure and holding.
Significantly stronger financial strengthOn
January 30, 2019, IAPMEI notified Ecoslops Portugal that an amount
of € 3,033,000 in a conditional advance became non-refundable in
view of the achievement of the socio-economic criteria of the
project.On March 29, 2019 and in accordance with the commitments
made previously, the Total Group entered up to 25% in the capital
and financing of the subsidiary Ecoslops Provence, which will
operate the Marseille unit.The first half of 2019 also saw the
signing of the announced financing contracts 2018, namely a € 6.5m
financing from BNP, HSBC and Banque Populaire Méditerranée for the
Marseille unit, as well as a € 18m "Corporate" financing from the
Bank European Investment for Marseille, Antwerp and R & D. The
first draws will have place during the second half of 2019.
At June 30, 2019, available cash amounted to € 4,445,000.Gross
debt amounted to € 7,233 thousand and shareholders' equity to €
23,137 thousand (€ 21,903 thousand excluding minority
interests).Net indebtedness at June 30, 2019 was € 2,788,000
compared with net cash of € 42,000 at December 31, 2018, reflecting
the investment period at the Marseille site (€ 3.8 million on the
first half of the year).
Diversification of trading partners in
SinesAfter the diversification of supply sources in 2018
(geographically qualitatively with the management of low flashpoint
residues), Ecoslops has expanded and diversified during the first
half of 2019, its client portfolio, particularly for Gasoil and
Bitumen light, so that there are several business options available
at any time. For the latter product, a new market for heavy bitumen
fluxing has been found, the European market for bitumen being very
under-loaded in road asphalt.
Development during the semester
Marseille
The Exploitation License was obtained on January 30, 2019.As
indicated above, the Total group entered on March 29, 2019, 25% of
the capital and financing of Ecoslops Provence, the project's
subsidiary.The additional financing (€ 6.5m) was contracted on
April 15, 2019 with a banking pool composed of BNP, HSBC and Banque
Populaire Méditerranée.
The Ecoslops team on site is now composed of 4 people, who
monitor the work. The start of the unit is expected mid-2020 with
delay on the initial planning (end 2019), essentially related to
the complexity of integrating a unit like P2R into a site existing
itself in the modernization phase in 2018 and then starting up in
2019. The six bins of storage, the entire civil engineering and the
furnace will be completed in 2019. The assembly of the P2R unit
will be carried out in the first half of 2020.
Antwerp
Regulatory studies continued and included quality analysis
productions of the unit of Sines by the OVAM, organization in
charge of the approvals in Region Flanders. The results will be
known by the end of the year. The ARA (Antwerp-Rotterdam-Amsterdam)
market is waiting for a solution like the one proposed by Ecoslops.
The Belgium therefore plans to grant product statuses only to
distillation solutions (compared to current conventional
decantation and centrifugation solutions). As a reminder, part of
the EIB financing is intended to finance the share of own funds
needed by the Antwerp unit.
Mini P2R
The pilot of the Mini P2R has been tested on the first semester
at Sines and has proven its ability to separate in commercial oil
cuts the residues generated in medium-sized ports. Discussions are
initiated with several interested partners to host the first unit
and the objective is to contract the first unit by the end of the
year.
Egypt
The preliminary draft is continuing and should be presented to
the Egyptian authorities before the end of the year for decision. A
land was selected in Port Said on which soil studies are in
progress.The potential is linked to the annual traffic passing
through the Suez Canal and the total lack of installation
collection and processing currently. This project provides for the
initial installation ofmeans of collection (barge), reception and
separation water / hydrocarbons. A P2R unit will be installed once
the volumes treated justify it.
New projects
During the semester, new leads with slops collecting companies
were developed in areas with very high potential. These leads
should complete the mesh projects outside Europe, especially in
Asia's strategic zone, the world's largest terms of maritime
traffic and the availability of oil residues.
Outlook and subsequent events
Over the year as a whole, the estimated production in Sinès
should be between 24,000T and 26,000T, compared to 19,200T in 2018.
Under these conditions, the turnover will be up on the full year
compared to last year, despite a lower Brent, last and a second
semester 2018 particularly good.A first draw of € 5m was made on
July 30, 2019 on the financing of the EIB.
Financial agendaFebruary 10th, 2020:
Operational Report and 2019 Turnover
ABOUT ECOSLOPSEcoslops is
listed on Euronext Growth in Paris Code ISIN : FR0011490648 -
Ticker : ALESA / PEA-PME eligible Investor Relations :
info.esa@ecoslops.com - 01 83 64 47 43
Ecoslops is the cleantech that brings oil into circular economy
thanks to an innovative technology allowing the company to upgrade
oil residues into new fuels and light bitumen. The solution
proposed by Ecoslops is based on a unique micro-refining industrial
process that transforms these residues into commercial products
that meet international standards. Ecoslops offers an economic and
ecological solution to port infrastructure, waste collectors and
ship-owners through its processing
plants. www.ecoslops.com
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