Ecoslops

2023 Turnover and significant events - Seite 2

Ecoslops Portugal

Ecoslops Portugal turnover fell by 28%, from €14.4 million in 2022 to €10.3 million in 2023. Port Services sales rose by 14% to €2.4 million, while Refined Products sales fell to €7.9 million in 2023 from €12.3 million in 2022. This decline can be broken down into: -20% of volume effect, -19% of price effect (average Brent price having fallen from 94.3€/bbl in 2022 to 76.1€/bbl in 2023) and +3% of product mix effect. Over the period, the unit produced 20,071 tonnes of refined products (in line with the latest target communicated), compared with 24,509 tonnes in 2022, and sold 17,693 tonnes, compared with 22,165 tonnes the previous year. In 2024, Ecoslops Portugal forecasts production of 24,500 tonnes, representing sales of around €13 million (including port services) based on current prices (Brent at $80/bbl).

Scarabox

The Scarabox business is the mainstay of the Group's development. It responds to a recognized need to process used oils in an environmentally-friendly way. The local production of basic energy products through a circular process provides a sustainable outlet for this harmful waste. For Ecoslops, this activity as a supplier of turnkey technical solutions is a highly complementary one to Ecoslops Portugal, as it requires little capital and generates a good level of margin.

In 2024, Ecoslops will have the financial and human resources needed to complete the work in Cameroon with Valtech Energy, a full-scale demonstrator of the technology, and to develop its pipeline of new business. In Ivory Coast, the aim is to proceed with the sale of a Scarabox this year, following the positive results of the local market study.

Cash position

At December 31, 2023, before closing of the Ecoslops Provence disposal, the Group had cash and cash equivalents of €3.2 million, of which €2.4 million was available (taking into account a €0.8 million conditional advance on investment grants), and net debt of €18.7 million (vs. €23.2 million at December 31, 2022).

Post closing of the Ecoslops Provence disposal, the Group's net debt will be reduced to 10.7 M€.

Corporate Social Responsibility

As a player in the circular economy, Ecoslops attaches major importance to environmental issues, in addition to societal and governance issues. In this context, the Group published its fourth sustainable development report on June 2, 2023.