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Ecoslops posts H1 decline in revenue, profit

Positive EBITDA of Sines plant is 'proof of the reliability of the business model', says slops-to-bunkers firm.

Image credit: Ecoslops

Updated on 27 Sep 2018 00:34 GMT

Ecoslops, a technology company that upgrades ship-generated hydrocarbon residue, or 'slops', into new fuels and light bitumen, has revealed that revenue for the first half (H1) of 2018 dipped in comparison with last year.

In its financial results, released on Wednesday, the France-headquartered firm said H1 revenue fell year-on-year (YoY) by EUR 0.33m, or 11.1 percent, to EUR 2.61m.

Ecoslops explained that the revenue decrease was due to the Sines micro-refinery unit (P2R) not being available during the first three months of the half-year.

In terms of profit, Ecoslops fell deeper into the red with a H1 net loss of EUR 1.37m, compared to the previous year's net loss of EUR 0.64m.

EBITA, meanwhile, was EUR -0.71m, down from EUR -0.07m during the corresponding period in 2017.

Ecoslops was keen to point out, however, that despite a low utilization rate in H1 at its Sines facility, the plant had a positive EBITDA of nearly EUR 0.2m, which the company said was "proof of the reliability of the business model".

The slops supplier explained that the loss recorded at group level was mainly attributable to the technical, development and general management activities at its head office.

As of June 30, available cash amounted to EUR 7m, whilst gross debt was EUR 2.9m, excluding a partially reimbursable grant from Portugal's IAPMEI.

Production and sales volume

With regard to production volume, 6,080 tonnes were produced in H1, compared with 11,700 tonnes in H1 2017.

P2R production resumed in early April at an average rate of 2,000-2,200 tonnes per month, Ecoslops said.

Estimated production in Sines for the year as a whole is around 19,000 tonnes, which would represent an improvement on last year.

Sales volume was 4,600 tonnes in H1, which was less than half the amount sold a year ago (9,700 tonnes).

Ecoslops said the YoY decline in volume sold (-47 percent) was compensated by an average increase in the selling price per tonne of +64 percent, of which 24 percent related to the improvement of the mix and 32 percent was linked to the rise in the price of Brent crude.

Commenting on the results, Vincent Favier, chairman and CEO of Ecoslops, said: "The first half of 2018 has been rich in progress and achievements. We performed a significant improvement of the Sines unit to expand the range of residues to be treated and address the low flash point residue market, generating the best gross margins. This immobilization slightly penalized the turnover over the half-year but did not prevent the Sines plant from generating a positive EBITDA."

Related Links:

Ecoslops' La Mede plant could produce three times less GHG emissions: study
Ecoslops wins Forbes award for sales growth
Ecoslops reports 'very strong business growth' in 2017
Ecoslops secures EUR 5 million capital increase

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