Correction: Ecoslops 2021 annual results: a new milestone in the
Group's development
New milestone in the Group's development: positive
EBITDA 2021 excluding the launch of the Marseille unit, confirming
the Group's strengths in the energy and circular economy
markets
Paris, April 12, 2022, 7:30 p.m. - Ecoslops, the
cleantech company that brings oil into the circular economy,
announces the results for the year ended December 31, 2021, as
approved by the Board of Directors at its meeting on April 12,
2022.
- Turnover of €12.45M, up 116%
- EBITDA of (€1.5M) with a strong acceleration in the
second half of the year and positive EBITDA excluding Ecoslops
Provence
- A business model based on the recycling of hydrocarbon
waste, more than ever adapted to the needs of independence and
energy transition
- Multiple development opportunities identified for 2022
and beyond
Operational highlights for the year
2021
After a year 2020 affected by the health crisis
and its repercussions on oil prices, the group has taken an
important step in its development in 2021, with :
- The start-up of the Marseille unit
The first half of the year saw the completion of
the construction work, which enabled the unit to be delivered on
July 2, 2021, in the presence of the presidents of the two groups:
Ecoslops and TotalEnergies. After the completion of operational and
safety tests, as well as the approval of the products by a large
panel of new customers, the fourth quarter saw the start of the
ramp-up with the production of 1,500 tons of refined products, of
which 500 tons were sold during the year, representing €0.2 million
of turnover ;
- The sale, in March 2021, of the first Scarabox® unit which,
given its degree of completion on December 31, 2021, represents an
additional turnover of €3.7 million;
- A return to favorable market conditions for the Sines unit with
Brent crude oil prices rising from an average of $43.3/bbl in 2020
to $70.8/bbl in 2021. Ecoslops Portugal's turnover has thus
increased from €5.7M in 2020 to €8.5M in 2021, despite a 2-month
shutdown at the beginning of the year pending the extended renewal
of the operating permit, generating an annual EBITDA of €1.6M,
including €1.5M in the alone second half of the year, which
represents a historic performance.
As a result, the Group's EBITDA has improved
from (€3.0M) in 2020 to (€1.45M) in 2021 and breaks down as
follows:
In
€'000 |
|
HY1 |
HY2 |
FY 2021 |
|
FY 2020 |
Ecoslops Portugal |
|
110 |
1 525 |
1 635 |
|
-828 |
Holding costs & Scarabox |
|
-1 177 |
-271 |
-1 448 |
|
-2 060 |
Perimeter excl. Marseille ramp-up |
|
-1 067 |
1 254 |
187 |
|
-2 888 |
Ecoslops Provence |
|
-201 |
-1 438 |
-1 639 |
|
-84 |
Total |
|
-1 268 |
-184 |
-1 452 |
|
-2 972 |
Excluding Ecoslops Provence, which recorded a
negative EBITDA linked to the ramp-up phase of the Marseille unit,
the Group achieved a positive annual EBITDA of €0.2 million,
including €1.3 million in the second half of the year.
Strengthening the Ecoslops business
model
With the completion of the Scarabox® project and
the start-up of the Marseille unit, the group is significantly
strengthening its business model in the circular economy in the
field of hydrocarbon residues:
- by developing, as far as the Scarabox is
concerned, an industrial equipment activity allowing, in addition
to slops and sludge, the revalorization of used waste oils. This
industrial solution is above all an economic and environmental
solution for developing countries.
- doubling its production capacity (from 30,000
to 60,000 metric tons/year) in its own P2R units, with the
Marseille unit.
These two activities are complementary
(know-how, teams, references, etc.) but largely independent in
terms of development. Revenues from operating the P2R units are
linked to the price of oil products, while revenues from the
equipment manufacturer business (Scarabox®) are based on the number
of units sold and in service. In addition, because they are 100%
circular, these innovations contribute to reducing the carbon
footprint.
Consolidated income statement 2021 (in
k€) - Analytical presentation (Based on audited accounts,
reports in progress)
|
|
FY 2021 |
|
FY 2020 |
In €'000 |
|
Turnover |
Gross margin |
|
Turnover |
Gross margin |
|
|
|
|
|
|
|
Refined products |
|
6 517 |
|
|
3 768 |
|
Scarabox |
|
3 734 |
|
|
0 |
|
Port services & others |
|
2 196 |
|
|
1 985 |
|
Total Turnover / GM |
|
12 447 |
6 535 |
|
5 753 |
3 417 |
Other income |
|
|
397 |
|
|
397 |
|
|
|
|
|
|
|
Personnel expenses |
|
|
-3 652 |
|
|
-3 492 |
Other expenses |
|
|
-4 673 |
|
|
-3 226 |
Taxes |
|
|
-59 |
|
|
-69 |
|
|
|
|
|
|
|
EBITDA |
|
|
-1 452 |
|
|
-2 973 |
|
|
|
|
|
|
|
Depreciation |
|
|
-1 790 |
|
|
-1 577 |
|
|
|
|
|
|
|
Financial result |
|
|
-1 720 |
|
|
-657 |
|
|
|
|
|
|
|
Corporate tax |
|
|
697 |
|
|
66 |
|
|
|
|
|
|
|
Net Result |
|
|
-4 264 |
|
|
-5 141 |
Net Result - Part for the Group |
|
|
-3 720 |
|
|
-5 067 |
Refined Products turnover has risen sharply,
from €3.8M in 2020 to €6.5M in 2021. This 73% increase comes from
6% of the Marseille unit (which produced and sold 1,500 and 500
tons respectively, representing €0.2 million of turnover) and 67%
from the Sines unit. Indeed, after a two-month shutdown at the
beginning of the year (waiting for the renewal and extension of the
operating permit) which represented a loss of 4,500 tons, the Sines
unit produced 21,960 tons over the year, including a historical
record of 13,889 tons in the second half. In summary, this 67% can
be broken down into a +1% volume effect and a +66% price/mix effect
with an average sales price that has risen from 201€/Tonne in 2020
to 332€/Tonne in 2021. In the Refined Products activity, the sharp
drop in oil prices had deteriorated the gross margin rate in 2020.
The recovery of oil prices and the implementation of hedging
contracts on Brent crude have enabled us to restore a gross margin
rate well above 50% in 2021.
The Cameroonian company, Valtech Energy,
customer of the first Scarabox® unit, has lifted the condition
precedent related to its financing in December 2021. This will lead
to a delivery of the unit in May 2022. As of December 31, 2021, the
construction of the unit was 93% complete, corresponding to a
turnover of €3.7M.
The increase in personnel costs is €0.16
million. This is linked to the freezing of variable remuneration in
2020 and to general cost control.
External expenses increased by €1.45 million,
entirely attributable to the start-up of the Marseille unit.
The financial result has deteriorated by €1
million, due to the entry into force in 2022, on the basis of the
2021 accounts, of the "royalty fees" on the loan from the European
Investment Bank. A provision of €0.87 million has therefore been
made for these royalty fees, which are calculated as a percentage
of consolidated turnover.
Corporate income tax represents an income of
€0.7 million and breaks down into a tax income of €0.4 million
relating to the research tax credit, and the recognition of
deferred tax assets in Portugal for an amount of €0.3
million.
Consolidated balance sheet as of December 31,
2021
(Audited accounts and reports in progress)
In
€'000 |
FY 2021 |
FY 2020 |
Var. €k |
Var. % |
Intangible assets |
1 441 |
1 209 |
232 |
19% |
Tangible assets |
34 342 |
32 811 |
1 531 |
5% |
Financial assets |
180 |
175 |
5 |
3% |
Fixed assets |
35 963 |
34 195 |
1 768 |
5% |
Inventory |
1 510 |
1 391 |
119 |
9% |
Trade receivables |
5 090 |
486 |
4 604 |
947% |
Other receivables |
1 721 |
1 785 |
(64) |
(4)% |
Deferred tax asset |
1 348 |
1 023 |
325 |
32% |
Cash and cash equivalent |
6 340 |
7 955 |
(1 615) |
(20)% |
Prepaid expenses |
1 036 |
1 071 |
(35) |
(3)% |
Current assets |
17 045 |
13 711 |
3 334 |
24% |
Total Assets |
53 008 |
47 906 |
5 102 |
11% |
|
|
|
|
|
|
FY 2021 |
FY 2020 |
Var. €k |
Var. % |
Capital & Reserves |
19 734 |
18 676 |
1 058 |
6% |
Investing subsidy |
1 556 |
1 654 |
(98) |
(6)% |
Minority shareholders |
590 |
1 134 |
(544) |
(48)% |
Net result - Part for the Group |
(3 720) |
(5 067) |
1 347 |
(27)% |
Equity |
18 160 |
16 397 |
1 763 |
11% |
Prov. for Risks & Charges |
180 |
250 |
(70) |
(28)% |
Financial debt |
28 952 |
26 552 |
2 400 |
9% |
Trade payables |
4 113 |
2 969 |
1 144 |
39% |
Social and tax liabilities |
1 053 |
1 154 |
(101) |
(9)% |
Other payables |
550 |
584 |
(34) |
(6)% |
Current liabilities |
5 716 |
4 707 |
1 009 |
21% |
Total Liability & Equity |
53 008 |
47 906 |
5 102 |
11% |
Financial position and cash flows
As of December 31, 2021, the Group had nearly
€6.3 million in cash (€1.6 million compared to December 31, 2020)
and net debt of €22.6 million (vs. €18.6 million as of December 31,
2020). The change in cash flow is analyzed as follows:
It should be noted that the closing cash
position is impacted by the change in operating working capital.
Indeed, the first payment related to the sale of the Scarabox®
(2.4M€) as well as the reimbursement of the 2020 research tax
credit (0.4M€) were received at the beginning of 2022, and not at
the end of 2021 as expected. Finally, it is recalled that the
parent company, Ecoslops SA, has completed at the end of October
2021 a capital increase in cash with cancellation of the
preferential subscription right of 6.1 M€ (net of fees and
commissions).
Perspectives
Regarding P2R, Ecoslops is
engaged in discussions about possible locations in the ports of
Antwerp, Singapore and the Suez Canal (for the latter, the
prerequisite is the installation of a collection station for marine
residues). Even if the commercial process has been slowed down by
the health crisis, the group's ambition is to sign one of these
three projects in 2022. In this respect, in October 2021 the group
signed a partnership agreement with Mercuria Energy Group, the
purpose of which is to study together the feasibility of port
infrastructure projects for the collection and recycling of
hydrocarbon residues in the Middle East and South East
Asia.
For the Sines unit in Portugal, the company
plans to produce around 25,000 tonnes in 2022.
For the Marseille unit, after a start of
operation in 2021 which produced 1,500 tons, the objective for 2022
is to continue to make the installation reliable and to gradually
increase its capacity in order to produce 10,000 tons, then to
reach full capacity in the following years.
Regarding the Scarabox®,
Ecoslops continues to develop a portfolio of prospects, the most
advanced of which are located on the African continent. To
accelerate the commercial development and to gain a foothold on
this virgin market, the group has signed a technical and commercial
partnership with Greenflow, a company offering feedstock treatment
equipment upstream of the Scarabox® vacuum distillation
column. The objective for 2022 is to contract two new sales.
It is reminded that the Group's strategy is to be a minority
shareholder in Scarabox® projects in order to guarantee a long term
technical and industrial support to the customer companies. In this
perspective, the group has taken in February 2022 a 17% stake in
the capital of Valtech Energy for an amount of 600k€.
ESG
The results of the Gaïa Research 2021 evaluation
campaign (covering the year 2020) were published in February 2022
and confirmed the group's continued progress in terms of ESG
performance. With an overall score of 68/100, an increase of 5
points compared to the previous year, the group ranks 12th /140 on
the scope of companies with less than €150 million in turnover
(compared to 12th / 78 in the previous campaign). With a score of
85/100 for environmental criteria, the company is above the
industry sector benchmark (61/100 on average), as well as in the
social field with 70/100 (compared to 59/100 for the benchmark),
and is progressing in terms of governance with 64/100 (within the
benchmark average).
The Ecoslops Group is committed to continuous
improvement of its ESG performance.
Financial calendar
Combined Shareholders' Meeting : 9 June 2022
Publication of half-yearly results: 21 September
2022
A PROPOS
D’ECOSLOPSEcoslops est cotée sur Euronext Growth à
Paris Code ISIN : FR0011490648 - Mnémonique :
ALESA / éligible PEA-PME. Contact Relations
investisseurs : info.esa@ecoslops.com - +33 (0)1 83 64 47
43
Ecoslops fait entrer le pétrole dans l’économie circulaire grâce
à une technologie innovante, permettant de produire du carburant et
du bitume léger à partir de résidus pétroliers. La solution
proposée par Ecoslops repose sur un procédé industriel unique de
micro-raffinage de ces résidus pour les transformer en produits
commerciaux de 2ème génération aux standards internationaux.
Ecoslops offre aux infrastructures portuaires, aux collecteurs de
résidus ainsi qu’aux armateurs une solution économique et plus
respectueuse de l’environnement.
www.ecoslops.com
- PR_12avr22_ECOSLOPS_2021_RESULTS
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