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Ecoslops S.A. (ALESA.PA)

Paris - Paris Delayed price. Currency in EUR
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10.55-0.30 (-2.76%)
At close: 5:35PM CEST
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Previous close10.40
Open10.85
Bid0.00 x 0
Ask0.00 x 0
Day's range10.40 - 10.85
52-week range7.00 - 12.95
Volume1,045
Avg. volume4,023
Market cap46.732M
Beta (5Y monthly)1.51
PE ratio (TTM)N/A
EPS (TTM)-0.78
Earnings date29 Apr 2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est16.83
  • Globe Newswire

    Publishing of the annual financial report 2020

    Paris, April 29th, 2021 Ecoslops’ annual financial report 2020, including the Management report of the Board of Directors, the Corporate Governance report, the statutary and consolidated financial statements for the financial year ended 31st of December 2020, as well as the related auditors reports, has beenpublished (in french), - on the company’s website: https://www.ecoslops.com/en/finance/finance-documentation-centre/financial-reports-and-reference-documents - and on Euronext Growth: https://www.euronext.com/en/products/equities/FR0011490648-ALXP Our Sustainable Development report will be published on May 10th, 2021. ABOUT ECOSLOPSEcoslops is listed on Euronext Growth in ParisCode ISIN : FR0011490648 - Ticker : ALESA / PEA-PME eligibleInvestor Relations : info.esa@ecoslops.com - 01 83 64 47 43Ecoslops brings oil into circular economy thanks to an innovative technology allowing the company to upgrade oil residues into newfuels and light bitumen. The solution proposed by Ecoslops is based on a unique micro-refining industrial process that transformsthese residues into commercial products that meet international standards. Ecoslops offers an economic and more ecologicalsolution to port infrastructure, waste collectors and ship-owners through its processing plants. Attachments PR04292021_Ecoslops_Financial_report_2020 RAPPORT FINANCIER ECOSLOPS 2020

  • Globe Newswire

    ECOSLOPS 2020 ANNUAL RESULTS: SIGNIFICANT STRENGTHENING OF THE BUSINESS MODEL FOLLOWING THE LAUNCH OF THE SCARABOX®; FISCAL YEAR 2020 MARKED BY THE COVID-19 HEALTH CRISIS.

    Paris, 8 April 2021, 7.35 pm - Ecoslops, the cleantech company that brings oil into the circular economy, announces its results for the year ended 31 December 2020, as approved by the Board of Directors at its meeting on 8 April 2021. Significant commercial acceleration on the Scarabox® project (formerly Mini P2R): Signature of 3 letters of intent in 2020, including one converted into a sales contract in 2021;Solid balance sheet allowing the continuation of investments and development projects;Revenues of € 5.75M and EBITDA of € (3.0) M, mainly impacted by the effects of the health crisis and its repercussions on activities in Portugal. Key highlights of the 2020 fiscal year The group as a whole was strongly impacted by the Covid-19 health crisis and its repercussions on the price of oil products. After the first two months of very good activity at the beginning of 2020, following on from 2019, the health crisis quickly had the following consequences for the rest of the year: In addition to the usual planned maintenance shutdowns, the Sines unit in Portugal was forced to stop for 37 days due to the shutdown and subsequent sharp slowdown in customer activity in a country that was very badly hit, particularly in the second half of the year. As a result, the P2R unit produced 21,639 tonnes and sold 18,737 tonnes in 2020 (compared to 25,796 and 23,048 tonnes in 2019), i.e. decreases of 16% and 19% respectively. Apart from these impacts, the yields and quality of the products were in line with expectations and confirm the technical excellence of the facility, which has processed nearly 120,000T of residues since its launch; As regards the Marseille unit, in addition to the total closure of the site from 17 March to 11 May 2020, the health crisis had the effect of disrupting many suppliers and subcontractors and limiting the number of people working on the site. Commissioning is scheduled for the 2nd quarter of 2021. Another effect of the health crisis was the sharp drop in the price of petroleum products from the beginning of March 2020 until the end of 2020. The average Brent price for 2020 was €37.9/bbl, 34% lower than the 2019 average price of €57.3/bbl. For these reasons, the group recorded a significant drop in turnover of -35% in 2020, from €8.83m in 2019 to €5.75m in 2020. This decrease is broken down into a -44% decrease in Refined Products (-20% volume effect and -24% price effect) and -7% in Port Services. At the same time, the group has decided to maintain or even increase its resources on current projects (Marseille, Scarabox®, design studies) in order not to jeopardise the future. The decrease in turnover, and the corresponding gross margin, therefore results in an equivalent loss in EBITDA. The group’s EBITDA thus changed from +€0.4M in 2019 to (€3M) in 2020. This decrease breaks down as follows: M€ EBITDA 2019 0,4 Non-recurring items 2019 * (1,3) Savings at the head office 0,2 Impact of the drop in activity in Portugal (2,3) EBITDA 2020 (3,0) *: Non-recurring items in 2019 consisted of €0.6m of capitalised production related to the Marseille unit (project management assistance contract), €0.6m of investment subsidy on previous years (IAPMEI subsidy) and €0.1m of FASEP subsidy (Egypt Project). The group managed to limit the impact of this drop in activity on its cash flow. Despite an EBITDA of €(3) million, it was able to contain its operating cash flow to €(1.4) million. On the other hand, and in preparation for the future, the year 2020 was also marked by major advances in the development of the group’s strategy and its growth levers: The renewal of the operating permit for the Sines unit (obtained on 25 February 2021). This renewal was accompanied by the granting of a «Seveso Haut» storage permit allowing Ecoslops Portugal to increase its capacity from 5,000 m3 to 20,000 m3. This will enable the company to take a much more opportunistic and flexible approach to procurement in the future; Significant acceleration of the technical and commercial development of the Scarabox® (new commercial name of the Mini-P2R) in its final version. The group signed 3 letters of intent in 2020 (plus one in February 2021), one of which has already been converted into a sales contract in March 2021 for a customer in Cameroon. With many other prospects, the Scarabox® is a new strategic growth area that is likely to rapidly achieve as much turnover as our own factories in Portugal and France;Continued investment in Marseille with €9M disbursed over the period and financed by bank drawdowns in 2020: €5M from the European Investment Bank and €6.5M from the BNP Paribas/HSBC/Banque Populaire Méditerranée banking pool; The continuation of studies on the three P2R projects in progress: Antwerp, Egypt and Singapore. Strengthening of the Ecoslops business model With the launch of the Scarabox®, the group’s development is now based on 2 activities instead of one. The P2R and the Scarabox® have in common that they offer technical and economical solutions to the problems posed by the pollution of air, water or land by various hydrocarbon residues. They are the result of the group’s unique know-how in vacuum distillation and regeneration of residues into genuine petroleum products, substitutes for the import or manufacture of such products from crude oil. Because of their 100% circular nature, these solutions are both synonymous with C02 savings when compared to what exists. The P2R business (for which Ecoslops designs, builds, finances and operates the industrial facility) is aimed at mature markets, typically in developed countries with high regulatory barriers, benefiting from large residue sources (30,000 T/year or more). The Scarabox® activity (for which Ecoslops manufactures and sells equipment to the final customer as well as a 5 to 10 year operating and technical assistance license) is particularly adapted for developing countries or countries far away from industrial treatment centres (e.g. islands), with smaller quantities of waste (around 7,000 T/year or scattered waste deposits, including waste oils. These two activities are complementary (know-how, teams, references, etc.) but largely independent in terms of development. P2R revenues are linked to oil prices, while Scarabox® revenues are based on the number of units sold and in service (largely or totally independent of oil prices). Consolidated income statement 2020 (in k€) (Audited accounts and reports being issued) In €’000 31/12/2020 31/12/2019 Var. €k Var. % Turnover - Refined products 3 768 6 689 (2 921) (44)% Turnover - Port services & other 1 985 2 142 (157) (7)% Total Turnover 5 753 8 831 (3 078) (35)% Other income 1 335 1 665 (330) (20)% Operating Income 7 088 10 496 (3 408) (32)% Cost of good sold (3 046) (3 331) 285 (9)% General (3 206) (3 313) 107 (3%) Taxes (69) (88) 19 (22)% Staff costs (3 492) (3 249) (243) 7% Other expenses (247) (69) (178) 258% EBITDA (2 972) 446 (3 418) (766)% Depreciation and provision (1 578) (1 357) (221) 16% Financial income (loss) (657) (546) (111) 20% Extraordinary income (loss) 0 0 0 Corporate tax 66 (234) 300 (128)% Net result (5 141) (1 691) (3 450) 204% Net result - Part for the Group (5 067) (1 650) (3 417) 207% The decrease in operating income of €(3.4)M is broken down into €(3.1)M of lower turnover, €(1.3)M related to non-recurring items 2019 (see above) and +€0.9M of inventoried production (construction of the Scarabox®). Purchases of goods and raw materials consist of slops for €2.3m and supplies for the manufacture of the Scarabox® for €0.7m. The 7% increase in personnel costs is mainly due to the full-year impact of the recruitments made in 2019. Financial expenses increased by €0.1 million, directly related to the bank loans drawn down during the year. Corporate income tax represents an income of €0.1m and breaks down into a tax income of €0.5m relating to the research tax credit and tax credit for business development expenses, a current tax charge of €(0.1)m for Ecoslops Portugal and finally an impairment charge on the deferred tax assets of Ecoslops Portugal of €(0.3)m in order to take into account the impact of the health crisis on the future use of tax loss carryforwards. Consolidated balance sheet as at 31 December 2020 (Audited accounts and reports being issued) In €’000 31/12/2020 31/12/2019 Var. €k Var. % Intangible fixed assets 1 209 534 675 126% Tangible fixed assets 32 811 26 024 6 787 26% Financial assets 175 175 0 0% Deferred tax asset 1 023 1 353 (330) (24)% Fixed assets 35 218 28 086 7 132 25% Inventory 1 391 1172 219 19% Trade receivables 486 1 490 (1 004) (67)% Other receivables 1 785 1 826 (41) (2)% Cash or cash equivalent 7 955 5 979 1 976 33% Prepaid expenses 1 071 1 234 (163) (13)% Current assets 12 688 11 701 987 8% Total Assets 47 906 39 787 8 119 20% In €’000 31/12/2020 31/12/2019 Var. €k Var. % Capital & Reserves 18 676 20 327 (1 651) (8%) Subsidies 1 654 1 751 (97) (6)% Minority shareholders 1 134 1 208 (74) - Net result - part for the Group (5 067) (1 650) (3 417) 207% Equity 16 397 21 636 (5 239) (24)% Prov. for Risks and Charges 250 129 121 94% Financial debt 26 552 13 186 13 366 101% Trade payables 3 071 3 252 (181) (6)% Social and tax payables 1 155 879 276 31% Other payables 481 705 (224) (32)% Current liabilities 4 707 4 836 (129) (3)% Total Liability & Equity 47 906 39 787 8 119 20% Financial position and cash flows As at 31 December 2020, the Group had almost €7.9m of cash (+€2m compared to 31 December 2019) and net debt of €18.6m (vs €7.2m as at 31 December 2019). The change in cash flow can be broken down as follows: FY 2020 FY 2019 EBITDA (2 972) 446 Investment subsidy recognition (126) (735) Inventory production variance (127) (258) Corporate tax 342 335 Operating working capital variance 1 513 207 Operating Cashflow (1 371) (5) Capital expenditure (8 756) (8 626) Investing working capital variance (608) 1 645 Investing Cashflow (9 364) (6 981) Ecoslops Provence SHL 550 975 Ecoslops Provence paid-in capital 1 249 BSPCE subscription 230 Debt issuance costs (1 175) Loans 12 610 4 240 Interests (449) (463) Financing Cashflow 12 711 5 056 Cash variance 1 976 (1 930) Opening cash balance 5 979 7 909 Closing cash balance 7 955 5 979 Variance 1 976 (1 930) The increase in net debt should be seen in the context of the €9.4m of capital expenditure incurred during the year (including €9m for the construction of the Marseille unit). In addition, despite an EBITDA of €(3) million, the company was able to contain its operating cash flow at €(1.4) million. Outlook and subsequent events Regarding P2R, Ecoslops is engaged in discussions on 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 maritime residues). These design studies were impacted by the health crisis and the travel ban. Ecoslops will select the most profitable and robust project(s) and will favour the association with well-established local partners in order to reduce the need for equity financing and to secure the aspects related to construction and operation (access to the source of residues, qualified personnel, operating licenses, etc.). Concerning the Scarabox®, Ecoslops aims this year to commission the first unit in Cameroon on behalf of its customer SCIN and to convert a second letter of intent into a sales contract (for delivery in 2022). The opportunity pipeline is growing strongly and the visibility given by Cameroon will be an additional accelerating factor. The company plans to reinforce its human and material resources to support this development, both in terms of ongoing R&D efforts and in the manufacture and sale of units (with associated technical support). The financial resources for these reinforcements are currently being studied. For the Sines unit in Portugal, the company expects to produce around 21,000 tonnes in 2021 and is targeting a turnover of between €7 and €8 million, based on current Brent prices. It should be noted that the beginning of 2021 was used for the inspection and repair of storage tanks (regulatory ten-year inspection), which resulted in a two-month shutdown of the unit. For the Marseille unit, the effective start-up is planned before the end of the second quarter. The aim is to produce around 10,000T over the rest of 2021. The half-year activity will not be able to contribute positively to profitability given the start-up and fixed costs. Financial AgendaGeneral Assembly : June 10th, 2021Publication of semestrial results: September 23rd, 2021 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 43Ecoslops 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 more ecological solution to port infrastructure, waste collectors and ship-owners through its processing plants. Attachment -PR_08apr21_ECOSLOPS_RESULTS2020

  • Ecoslops: A first “Scarabox” unit installed soon in Cameroon to revalue used lube oil and oily waste into new fuels locally
    Globe Newswire

    Ecoslops: A first “Scarabox” unit installed soon in Cameroon to revalue used lube oil and oily waste into new fuels locally

    Paris, March 25th, 2021 Ecoslops is pleased to announce the signature of a first sales contract for its “Scarabox®”, a containerized unit for upcycling used lube oil and oil residues. Following the signature of a letter of intent on June 24th, 2020, this contract was signed with the Cameroonian company Valtech Energy, which belongs to the SCIN group (with over 400 employees in the construction, transport, and environment sectors) and headed by Ismaël NJoya, an established Cameroonian entrepreneur. In 2020, Valtech Energy successfully opened a MARPOL maritime oil waste reception facility in the Kribi port area, Cameroon’s new deep-water port inaugurated in 2019. Valtech Energy sees the opportunity to improve its waste treatment capacity and intensify its production of energy products, thanks to Ecoslops’ circular economy solution, as a logical development. The contract comprises turnkey equipment and an operating license provided with eight years of technical support by Ecoslops. Delivery of the unit is anticipated in October 2021, with a start before the end of the year. This is subject to setting up financing arrangements with the SCIN group’s long-standing banks, which have shown a keen interest in the project. Cameroon generates some 70,000 tons of used oils per year (trucks, buses, automobiles, etc.) and imports fossil energy products, particularly fuel oil for its industrial activity. This unit will provide a genuine outlet for hazardous and polluting waste, while also supplying manufacturers with energy products (same quality as those imported, but this time made in Cameroon). With production capacity nearing 7,000 tons per year - 10% of the market - other subsequent developments in this same market can be envisaged. With the effective launch of this new activity as a provider of circular solutions (sale of equipment with a multi-annual license), Ecoslops stands by its mission: “to contribute to the energy transition and to preserve the environment through innovations that help to preserve natural resources and avoid pollution”. The Scarabox® is set to expand rapidly in a potential global market of several hundred units - gathering particular momentum from 2022 on - and become a key activity of the Ecoslops group, alongside the building and operation of its own micro-refineries. This new containerized solution draws on the experience acquired by the company and its teams at the Sines site in Portugal, where it has treated over 100,000 tons of oil residues since 2015. Vincent Favier, Chairman and CEO of Ecoslops, states: “We are delighted to see the development of this new technology become a reality, the initial benefit being to reduce uncontrolled used lube oil pollution in numerous countries. We are now seeing a great amount of interest in the Scarabox® and are set to send out more of these units around the world. The first unit, acquired by Valtech Energy and installed in Cameroon, will serve as a showcase to the world and give a strong boost to this new activity, in tandem with the micro-refineries we develop ourselves. We are looking forward to convert the letters of intent that are signed into actual projects, and our prospect portfolio as well. The aim is to gradually reach a cruising speed of five to ten units installed per year within five years. Finally, we are also focusing our attention on industrialization of the Scarabox®. We intend to pursue and intensify our efforts to keep construction in France by maximizing the local content in order to maintain a high level of reactivity and superlative quality in terms of performance.” 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 43Ecoslops 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 more ecological solution to port infrastructure, waste collectors and ship-owners through its processing plants. www.ecoslops.com Attachment PR_25mar21_Ecoslops_1st_scarabox_contractvb