Pyrum Innovations Ag · XETR:PYR
Pyrum Innovations — Shareholder Meeting (July 2024)
31 slides from Pyrum Innovations's shareholder meeting presentation, Jul 18, 2024
Slide 1: Pyrum Innovations AG Annual General Meeting 2024
Pyrum Innovations AG Annual General Meeting 2024 Pyrum Innovations AG 18.07.2024 / Start 10:00 o’clock
Slide 2: Disclaimer
Disclaimer This presentation contains statements about future developments that are based on current expectations, assumptions, estimates and predictions by management and on information currently available. Various known and unknown risks, unforeseeable developments, changes in the economic and pol
Slide 3: Global End-of-Life-Tire (ELT) market accounts for approx. 30.9 mt p.a.
Global End-of-Life-Tire (ELT) market accounts for approx. 30.9 mt p.a. … as tightening regulatory environment forces countries and corporates to take action Global ELTs Market comparison 2024 to 2030 (estimations Pyrum) Tightening regulatory environment Worldwide annual volume of end-of-life tires:
Slide 4: Pyrum offers patented technology with strong value proposition
Pyrum offers patented technology with strong value proposition… … converting rubber into several high value chemical products – thermolysis oil, carbon and gas How Pyrum creates value Pyrum oil 250 kg/h 4
Slide 5: Our history in short with TRL (Technical Readiness Level)
Our history in short with TRL (Technical Readiness Level) Key milestones TRL 1 - 4 TRL 5 - 7 TRL 8 TRL 9 rCB MoU/HoT Listing Production City Council Switch to Building EU Horizon New cooperation Agreement for 70% of Foundation agreement Frankfurt High Class start with permission and 2020 Investment
Slide 6: The last important Milestone to close the loop: rCB
The last important Milestone to close the loop: rCB No rCB can be sold to the market without those certificates Pyrum was transformed from a Start-Up to a certified Automative supplier in 1 year! • Received certificates: • Ecovadis: Silver Status • VDA 6.3: Continental, Pirelli, Hankook, Mercedes, B
Slide 7: Important rCB Milestones, Quantity increase required
Important rCB Milestones, Quantity increase required rCB is ready, we just need more of it! Turnover importance per product stream rCB Ramp Up from Mill and Pelletizer 1 (Q1 23 – Q1 24) Turnover Turnover/ TAD 1 TAD 2 Capacity 92,88 100 Type Plant capacity 1 80,14 Today1 Est. 20251 Gate fee 19 % 65 %
Slide 8: rCB real applications of circularity
rCB real applications of circularity … areas of use that are already in operation Continental solid tires in sale since September 2023 • Production of Continental solid tires, in the Continental Plant in Korbach (Germany), has started in calendar week 23 2023. • Continental has announced: latest in
Slide 9: rCB real applications of circularity (Schwalbe)
rCB real applications of circularity … areas of use that are already in operation Schwalbe Recycling System • More than 1,800 bike stores in Germany are participating = almost 1/3 of German market. • The first 100% Pyrum rCB tire was released at EUROBIKE in June 2023. • To date, 940,000 bicycle tyre
Slide 10: Real applications of circularity (VAUDE)
Real applications of circularity … areas of use that are already in operation VAUDE Outdoor Equipment and Clothing Source: https://www.vaude.com/de-DE/Herren/Beliebt-Neu/Altreifen-Recycling/ Source: https://www.vaude.com/de-DE/Herren/Beliebt-Neu/Altreifen-Recycling/ 10
Slide 11: Real applications of circularity (Mercedes-Benz)
Real applications of circularity … areas of use that are already in operation Mercedes-Benz door handles Source: Mercedes Benz Group AG 11
Slide 12: Building Site of Pyrum Unit 2 and 3 in Dillingen
Building Site of Pyrum Unit 2 and 3 in Dillingen Impressions Status quo lines 2 + 3 (27 June 2024) Eldan Shredder: 6 to/h tire input = 600 car tires/h Pyrum Reactor 2+3 725 kg/h per reactor Gas Turbines: 5 Turbines with 150 kW/e each Exhaust gas washer: including water treatment Hosokawa Mill and Pe
Slide 13: Building Site of Pyrum Unit 2 and 3
Building Site of Pyrum Unit 2 and 3 Impressions New Power Plant and Thermolysis Unit Details about Pyrum Unit 2 and 3 • Start of building : November 2021 • Size of building site: 8.000 m² • Production capacity: up to 6 Tons of used tires per hour (10.000 tires per day) • Finished Parts of the Constr
Slide 14: Extensive project pipeline due to attractive framework conditions
Extensive project pipeline due to attractive framework conditions Demand is higher than capacity; projects are partly far advanced or have been started procedurally Project status Project General Terms Contract / Pre- Building site Authorisation in Operative Company Country Partner/Site Capital part
Slide 15: Attractive plant economics is the enabler for the rapid roll-out
Attractive plant economics is the enabler for the rapid roll-out Due to NDAs we cannot give exact prices for end products Estimated plant economics – operating at 20,000 tonnes p.a. capacity Roll Out breakthrough: 1 Total revenues, end-products and gate fee EUR ~ 17.5 m NEWS: NEW CONTRACT WITH BASF
Slide 16: Financing elements
Financing elements The right way is the right combination of financial elements Loans Equity Already secured: In order to get Equity there are several options: 50 Mio. EUR loan from BASF to use for: Why Equity?: o Purchase of long lead items for Perl/Besch o Maximum 50% of the next 100% Pyrum owned
Slide 17: Human Resources
Human Resources Staff expansion in the last 12 months Important jobs were filled - Project management - Sales - Accounting - Industrial employees - Engineers What we do for our Staff - Company pension plan supported by Pyrum - Company health insurance - Gym supported by the company - “Job Rad”: Comp
Slide 18: Human Resources: Personnel growth in the last ten years
Human Resources Personnel growth in the last ten years Staff History Pyrum Innovations AG 100 Constantly growing 90 number of employees 80 as part of the expansion 70 60 50 40 30 20 10 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 18
Slide 19: Pyrum (Consolidated) Income Statement 2023
Pyrum (Consolidated) Income Statement 2023 Reconciliation of revenues to total output Sales (1,147) - Finished/unfinished goods (60) ~ +17% ~ -33% + Own work capitalized (11,712) Increase 2022-2023 Decrease 2022-2023 = Total output Sales Total output 4500 35.000 4000 30.000 3500 25.000 95- 134% 3000
Slide 20: Pyrum (Consolidated) Income Statement 2023
Pyrum (Consolidated) Income Statement 2023 Reconciliation of total output to EBITDA Income from R&D (TEUR 253, pre year 993) Includes TEUR 9,062 required for the ~ -46% Investment grants ( TEUR 150, pre year 0) ~ -35% preparation of the own work Decrease 2022-2023 Decrease 2022-2023 Other operating
Slide 21: Pyrum (Consolidated) Income Statement 2023
Pyrum (Consolidated) Income Statement 2023 Reconciliation of total output to EBITDA Average number of employees: One off expenses: 2022: 63 ~ +29% 2023: 73 ~ +4% 2022: costs of listing Frankfurt (285) Increase 2022-2023 Increase 2022-2023 Personnel expenses Other operating expenses 6.000 4.000 3.500
Slide 22: Pyrum Consolidated Income Statement 2023 financial year
Pyrum Consolidated Income Statement 2023 financial year Results - Overview 2023 2022 KPI ∆ EUR PL ∆ % PL Estimates 2024 Revenues 1,147 982 165 16.80% EUR 3 - 4 m Increase/descrease of finished goods -60 277 -337 Other own work capitalised 11,712 17,810 -6,098 -34.24% Total ouput 12,799 19,069 -6,270
Slide 23: Pyrum consolidated balance sheet (short) 2023 financial year
Pyrum consolidated balance sheet (short) 2023 financial year Overview Share in capital 2023 2022 TEUR 12M 2023 Non-current assets Non-current intangible assets 5,638 6,492 11.10% Property, plant, and equipment 39,458 28,759 77.50% Non-current financial assets 30 37 0.10% 45,126 35,288 Current assets
Slide 24: Targeted financial structure for projects
Targeted financial structure for projects Own operated plants SPVs • Equity target 25 % - 35 % • Target shareholding 15 % - 49 % by Pyrum − First projects potentially need more equity than targeted for the future − Standard case foresees equity distribution of EUR 3m for a stake of (up to 50%). 15 %
Slide 25: Financing modules for the rollout
Financing modules for the rollout Pyrum wants to invest up to EUR 230m until 2027 into defined projects Targeted financing mix for growth – debt… …equity • Loan of 50 million (BASF) • Management looks for minimum dilution, but financial ratios needs to be carefully monitored – not everything could/s
Slide 26: Requests for approval by Pyrums shareholders
Requests for approval by Pyrums shareholders TOP 5 – capital increases up to 20 % without subscription rights TOP 6 – debt instruments • Actual Authorized Capital from the 2023 AGM • Resolution on the creation of an authorization to issue and exclude subscription rights to convertible bonds and/or b
Slide 27: Employee stock option program 2024
Employee stock option program 2024 The common goal of implementing of employee participation Sub-goals of the implementation of employee participation ➢ Establishment of an incentive system ➢ Increasing motivation, loyalty and commitment ➢ Strengthening the sense of unity and belonging ➢ Creating an
Slide 28: Employee stock option program 2024 (I)
Employee stock option program 2024 Details of long term incentive programme (I) Employees participation Stock options Total stock options: 39.000 (TOP 7: Conditional capital increase ~1,2 % of share capital) Allocation period: 2024 – 2028 Exercise: Within 3 years after expiry of a 4-year waiting per
Slide 29: Employee stock option program 2024 (II)
Employee stock option program 2024 Details of long term incentive programme (II) Employees participation Exercise price: The exercise price per share corresponds to 3 month VWAP of the company's shares in Xetra trading (or a comparable successor system) on the Frankfurt Stock Exchange prior to the d
Slide 30: What is needed and what we have…
What is needed and what we have… We can tick all the boxes Summary Milestones Achieved Comments Industrial Pilot plant in Operation X 24/7 Operation since Mai 2020 Serial Engineering of all Parts finished X Finished since End of 2023 – Last part was Pelletizer for rCB Building of Industrial Serial P
Slide 31: Transforming waste into ressources
Transforming waste into ressources 18.07.2024 | Pyrum Innovations AG Annual General Meeting