- Revenues of €19 million, up 53%.
- EBITDA* 1.1 million at group level, a major milestone achieved by the Group
- 2023: Signature of a strategic partnership with PARLYM for
Africa to accelerate the development of the Scarabox.
Operational highlights for fiscal year 2022
- Excellent performance of the Sines unit in
Portugal , which saw its revenues increase by 70%, from €8.5 million to €14.4 million, resulting in a record EBITDA of €4.9 million (€1.6 million in 2021), or 34% of revenues. - The ramp-up of the
Marseille unit, which generates €4.3M in revenues in 2022 (€0.2M in 2021). EBITDA is still negative by €1M (improving by €0.6M vs. 2021) but would have been close to breakeven in the second half of the year without the impact of the refinery shutdown (social movement on purchasing power). - The shipment, at the end of the year, of the first Scarabox® unit to
Cameroon .
More generally, the Group benefited from very favourable market conditions for P2R units, with Brent rising from an average of 71$/bbl in 2021 to 99$/bbl in 2022. As gas prices were responsible for a particularly strong demand for fuel oil and gasoil, the selling prices of finished products increased even more.
The group's EBITDA has thus increased from -€1.4M in 2021 to +€1.1M in 2022.
Excluding Ecoslops Provence, which is in a ramp-up phase, the group's EBITDA would be +€2.1M in 2022 (vs. +€0.2M in 2021).
The group's operating cash flow was +€2.9 million for the year. Excluding Ecoslops Provence, it is +3.7 M€. This confirms the relevance of the business model and the alignment of cash flows with results.
Consolidated income statement 2022 (in k€) - Analytical presentation
(Based on audited accounts, reports in progress)
In €'000 | FY 2022 | FY 2021 | Variance | |||
Refined products | 16 632 | 6 517 | +10 115 | |||
Scarabox | 266 | 3 734 | -3 468 | |||
Port services & others | 2 133 | 2 196 | -63 | |||
Total Turnover | 19 031 | 12 447 | +6 584 | |||
Gross Margin | 11 414 | 6 535 | +4 879 | |||
Gross Margin rate | 60% | 53% | 74% | |||
Other income | 175 | 397 | -222 | |||
Personnel expenses | -3 771 | -3 652 | -119 | |||
Other expenses | -6 511 | -4 673 | -1 838 | |||
Taxes | -213 | -59 | -154 | |||
EBITDA | 1 094 | -1 452 | +2 546 | |||
Depreciation / Provision | -2 586 | -1 790 | -796 | |||
Financial result | -1 325 | -1 720 | +395 | |||
Extraordinary result | -62 | - | -62 | |||
Corporate tax | 419 | 697 | -278 | |||
Net Result | -2 460 | -4 264 | +1 804 | |||
Net Result - Part for the Group | -1 793 | -3 720 | +1 927 |
The Group's revenues benefited in FY 2022 from the strengthening of its Refined Products business, +155%, with:
- A strong increase in sales volume of +51%, representing 29,500 tons (compared with 19,500 tons in 2021)
- A very significant increase in the average sales price of +69%, linked in particular to very favourable conditions on the energy markets (+57% on Brent converted into €).
The gross margin rate rose from 53% to 60%, benefiting from higher pressure on the sale prices of finished products (notably fuel oil and gasoil) than on the purchase prices of slops.
The increase in personnel costs is €0.16 million, or 3%. However, the 2021 financial year included a reversal of provision (no longer applicable) in the amount of €0.15 million. The personnel expenses have therefore remained stable between the two fiscal years.
External expenses increased by €1.8 million, of which €1 million was attributable to Ecoslops Provence (start of production in the second half of 2021 as opposed to a full year in 2022) and €0.8 million to Ecoslops Portugal, which was impacted for €0.4 million by the increase in the price of electricity and by additional maintenance and transport costs on sales.
Net financial result was a loss of €1.3 million. This mainly comprises the interest expense on the EIB loan for €1 million.
The corporate income tax represents an income of €0.4 million and is composed of a tax income of €0.4 million related to the research tax credit, the recognition of deferred tax assets in
Consolidated balance sheet at
(Based on audited accounts, reports in progress)
In €'000 | FY 2022 | FY 2021 | Var. k€ | Var. % |
Intangible assets | 1 117 | 1 441 | (324) | (22)% |
Tangible assets | 33 182 | 34 342 | (1 160) | (3)% |
Financial assets | 783 | 180 | 603 | +335% |
Fixed assets | 35 082 | 35 963 | (881) | (2)% |
Inventory | 1 314 | 1 510 | (196) | (13)% |
Trade receivables | 4 049 | 5 090 | (1 041) | (20)% |
Other receivables | 1 713 | 1 721 | (9) | (0)% |
Deferred tax asset | 1 527 | 1 348 | 179 | +13% |
Cash and cash equivalent | 6 870 | 6 340 | 530 | +8% |
Prepaid expenses | 869 | 1 036 | (168) | (16)% |
Current assets | 16 341 | 17 045 | (704) | 24% |
Total Assets | 51 423 | 53 008 | (1 585) | (3)% |
FY 2022 | FY 2021 | Var. k€ | Var. % | |
Capital & Reserves | 16 014 | 19 734 | (3 720) | (19)% |
Investing subsidy | 1 460 | 1 556 | (96) | (6)% |
Minority shareholders | (77) | 590 | (667) | (113)% |
Net result - Part for the Group | (1 793) | (3 720) | 1 927 | (52)% |
Equity | 15 604 | 18 160 | (2 556) | (14)% |
Conditional advance | 838 | 0 | 838 | N/A |
Prov. for Risks & Charges | 96 | 180 | (84) | (47)% |
Financial debt | 29 211 | 28 952 | 259 | 1% |
Trade payables | 3 995 | 4 113 | (118) | (3)% |
Social and tax liabilities | 1 029 | 1 053 | (24) | (2)% |
Other payables | 650 | 550 | 100 | +18% |
Current liabilities | 5 674 | 5 716 | (42) | (1)% |
Total Liability & Equity | 51 423 | 53 008 | (1 585) | (3)% |
Financial position and cash flows
As of
FY 2022 | FY 2021 | |||
EBITDA | 1 094 | (1 452) | ||
Investment subsidy recognition | (124) | (126) | ||
Operating working capital variance | 1 886 | (2 421) | ||
Operating cashflow | 2 856 | (3 999) | ||
Capital expenditure | (961) | (3 410) | ||
Investing working capital variance | (526) | (1 075) | ||
Acquisition of stake - Valtech Energy | (603) | - | ||
Investing cashflow | (2 090) | (4 485) | ||
Ecoslops Provence SHL (TotalEnergies) | 683 | 1 270 | ||
Capital increase | - | 6 125 | ||
Conditional advance | 838 | |||
Loans | (255) | 318 | ||
Interests | (1 502) | (844) | ||
Financing cashflow | (236) | 6 869 | ||
Cash variance | 530 | (1 615) | ||
Opening cash balance | 6 340 | 7 955 | ||
Closing cash balance | 6 870 | 6 340 | ||
Variance | 530 | (1 615) |
The operating cash-flow is + €2.9 million thanks to a positive change in working capital of €1.9 million, linked to the receipt in
Cash-flow from investments amounted to - €2.1 million and includes, in addition to the recurring investments related to the two P2R units (including the payment for the completion of the
Finally, transactions related to financing resulted in a net cash outflow of €0.2 million, including €1.5 million of interest on loans and €0.3 million in loan repayments, as well as the contribution of €0.7 million in the form of an associate's current account by TotalEnergies for Ecoslops Provence's working capital and €0.8 million in the form of an advance on a subsidy (entered in the balance sheet as a conditional advance).
Strategy and Developments
Concerning the Scarabox®,
This agreement will take the form of a joint venture (Parlym 80%/
In the very short term, Parlym will take, alongside
As a result, the
- Develop more rapidly and in partnership the sales of Scarabox, generating quick cash flow and margins;
- Focus efforts on cash flow generation for Ecoslops Provence and
- Move from a manufacturer/funder/operator model to a model of licensing its technology and know-how for new P2Rs.
As the
In
ESG
As a player in circular economy,
The Group's commitment to continuous improvement was illustrated in 2022 by the new rise in its ESG rating resulting from the Gaïa Research 2021 campaign. The company thus confirmed its performance as a gold medallist, ranked 39th/371 in the general panel (compared to 170th/390th in the previous campaign), and 14th/126 in the panel of companies with revenues of less than €150 million.
Perspectives for 2023
In 2023, for the Sines unit in
For the
Finally,
*: EBITDA = Earnings before interest, taxes, depreciation and amortization.
Financial Agenda:
Combined General Meeting:
Publication of first-half 2023 revenues:
Publication of half-yearly results:
ABOUT
ISIN code: FR0011490648 - Mnemonic: ALESA / PEA-PME eligible.
Investor Relations Contact : info.esa@ecoslops.com - +33 (0)1 83 64 47 43
www.ecoslops.com
Attachment
- PR_12apr23_ECOSLOPS_2022_RESULTS
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