Ecoslops generated revenues of €5.5 million in the first half of 2023, compared with €8.9 million in the first half of 2022, down 38%.

Compared with the first half of 2022, which was characterized by a high base effect (oil prices rise following the start of the conflict in Ukraine), revenues for the first half of 2023 were down 23% due to the price effect (Brent fell from €96/bbl to €74/bbl) and 15% due to the volume effect.

For the Sines unit in Portugal, sales volume amounts to 7,989 tonnes (versus 10,395 tonnes in 2022). This decline is mainly due to the shift in the maintenance schedule between 2022 and 2023.

The Marseille plant sold 2,046 tonnes (1,401 tonnes produced), compared with 3,300 tonnes in the first half of 2022. As already communicated, the ongoing adaptation and improvement work carried out in Q1 2023, to optimize the treatment of certain local sources of fossil waste (more land-based than sea-based), penalized business for the half-year.

Perspectives

In the Refined Products activity, the Group forecasts full-year production of 20-22,000 tonnes for the Sines plant and 8-10,000 tonnes for the Marseille plant.

Cash position

The Group’s cash position stands at €5.5 million at June 30, 2023, of which €4.7 million are available (taking into account a €0.8 million conditional advance on investment subsidies). The Group is also continuing discussions on the restructuring of its debt, with the aim of reaching an agreement before the end of the year.
Source: Ecoslops