New milestone in the Group's development: positive EBITDA 2021 excluding the launch of the
- 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
- The sale, in
March 2021 , of the first Scarabox® unit which, given its degree of completion onDecember 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 | -1 148 | -2 060 | ||
Perimeter excl. | -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
Strengthening the
With the completion of the Scarabox® project and the start-up of the
- 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
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 / | 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
The Cameroonian company, Valtech Energy, customer of the first Scarabox® unit, has lifted the condition precedent related to its financing in
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
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
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
Consolidated balance sheet as of
(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
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,
Perspectives
Regarding P2R,
For the Sines unit in
For the
Regarding the Scarabox®,
ESG
The results of the Gaïa Research 2021 evaluation campaign (covering the year 2020) were published in
Financial calendar
Combined Shareholders' Meeting :
Publication of half-yearly results:
A PROPOS D’ECOSLOPS
Code ISIN : FR0011490648 - Mnémonique : ALESA / éligible PEA-PME.
Contact Relations investisseurs : info.esa@ecoslops.com - +33 (0)1 83 64 47 43
www.ecoslops.com
Attachment
- PR_12avr22_ECOSLOPS_2021_RESULTS
© OMX, source