Ecoslops Sa · EURONEXT:ALESA
Ecoslops Sa — FY2019 Earnings Presentation
37 slides from Ecoslops Sa's earnings presentation, Mar 31, 2020
Slide 1: Analysts' Presentation: 2019 annual results
ANALYSTS’ PRESENTATION 2019 annual results
Slide 2: Integrated into port logistics: economical, traceable, eco-friendly
Integrated into Economical Traceable Eco-friendly port logistics www.ecoslops.com 2
Slide 3: Our expertise: a real micro-refinery
Our expertise: a real micro-refinery Petrochemical Maritime transport Naphtha & Petrol industry Diesel Transport industry Large industrial Fuel consumers Oil industry and Oil waste logistics Waterproofing Diluted bitumen (bituminous membranes) With a return of 98% and a market for each product, our
Slide 4: Impact of the Covid-19 crisis and the price of Brent on the business
The cleantech that brings oil into the circular economy Impact of the Covid-19 crisis and the price of Brent on the business
Slide 5: The impact of Covid-19
The impact of Covid-19 To date, • No case of illness has been identified among our employees • The Sines unit in Portugal is 100% operational, however: - limitations in terms of staff (childcare) - client constraints (plants shut down or slowed-down significantly) • The Marseille site has been shut
Slide 6: Impact of the price of Brent
Impact of the price of Brent Sines simulation – $25/barrel in a full year with a production of 25,000 tonnes 2020 HYPOTHESIES P2R 3 918 Brent $ 25 Mini P2R Exchange rate € / $ 1,08 Port services & others 2 000 Brent € 23,1 Revenues 5 918 Bitumen Fuel Gasoil Light Fuel Total Cost of sales -1 901 Prod
Slide 7: Cash forecast
Cash forecast 31/03/2020 Loans / Interco Operational Capex 31/12/2020 financial cashflow. + CIR expenses (research tax credit) Portugal 2,300 -1,315 230 -750 465 Marseille 3,100 3,525 1,960 -305 -8,200 80 Head office 1,100 4,727 -1,960 -1,025 -1,172 1,670 TOTAL 6,500 6,937 - -1,100 -10,122 2,215 Pot
Slide 8: Financial information
The cleantech that brings oil into the circular economy Financial information
Slide 9: 2019 overview
2019 overview • Turnover up by 19% (+23% for refined products) • Positive group profitability in EBITDA, +€0.4 million • €24.5 million of financing secured for future developments, including €20 million still to drawdown at the end of 2019 • Technical teams doubled • 50% completion on the Marseille
Slide 10: Growth in activity/profitability
Growth in activity/profitability 24,000 - Cours Brent $ 44$ 54$ 71$ 64$ EBITDA Portugal -1 460 1 431 1 502 2 124 EBITDA Siège -1 434 -1 761 -1 863 -1 587 EBITDA Marseille 0 0 -18 -91 EBITDA Groupe -2 894 -330 -379 446 Production in tonnes, turnover and EBITDA in €k 10
Slide 11: P2R turnover - 2019 vs 2018
P2R turnover - 2019 vs 2018 +23% +35% -10% -2% Including the price of Brent: -9% 10/02/2020 11
Slide 12: 2019 - ECOSLOPS consolidated P&L
2019 - ECOSLOPS consolidated P&L €K 31/12/2019 31/12/2018 Var. k€ Var. % v Turnover for refined products up by 23% Turnover - Refined products 6 689 5 458 1 231 23% Turnover - Port services & others 2 142 1 991 151 8% v Other operating income: Total Turnover 8 831 7 449 1 382 19% § IAPMEI subsidy: €
Slide 13: 2019 - ECOSLOPS consolidated balance sheet
2019 - ECOSLOPS consolidated balance sheet €K 31/12/2019 31/12/2018 Var. k€ Var. % Intangible Fixed assets 534 372 162 44% Tangible fixed assets 26 024 18 479 7 545 41% v 2019 investments (gross value)) Financial assets 175 161 14 9% § €8.6 million (including €8 million for Deferred tax assets 1 353
Slide 14: 2019 Cashflow statement
2019 Cashflow statement HQ Provence Portugal Total 2019 EBITDA (1 587) (91) 2 123 446 Subsidy recognized in P&L (735) (735) Capitalised production (115) (143) (258) v Operating cashflow close to break even Working capital variance (150) (7) 365 208 Operating Cashflow (1 852) (241) 1 753 (339) Capex
Slide 15: Cash position
Cash position 31/12/2019 31/12/2018 Var. k€ Ecoslops SA 3 409 5 886 (2 477) Ecoslops Provence 647 100 547 Ecoslops Portugal 1 923 1 923 0 Cash in Bank 5 979 7 909 (1 930) 31/12/2019 31/12/2018 Var. k€ EIB loan 5 000 0 5 000 BPI loan 2 000 2 000 0 PACA Loan 400 400 0 Group Total loan 975 0 975 Portug
Slide 16: Financing in place: €20 million still to drawdown
Financing in place: €20 million still to drawdown available for Maturity 31/12/2019 Total drawdown < 1 year 2-5 years > 5 years Total EIB loan 5 000 13 000 18 000 2 000 16 000 18 000 BPI loan 2 000 2 000 1 200 800 2 000 PACA Loan 400 400 240 160 400 Loan BNP/HSBC/BP Med 0 6 500 6 500 4 000 2 500 6 5
Slide 17: Operations
The cleantech that brings oil into the circular economy Operations
Slide 18: The strengthening of technical teams
The strengthening of technical teams ü Teams - start 2019: 3 Process engineers 1 Construction site engineer for Marseille 1 Project manager ü 2019 strengthening: 1 Process engineer and 1 EIA engineer 1 Operations engineer and 1 Construction site engineer for Marseille ü 2020 strengthening: 1 Process
Slide 19: Sines: 2019 production
Sines: 2019 production P2R Production (ton) - Full Year 30000 25796 250000 22 133 50.000 19249 15690 15000 10000 6503 63216 0437 078 5368 7124 590671939 4 5.000 44624247 4675 3583 is ion os 478 | | 5 “ |_| |_| 2016 2017 2018 2019 mBitume mfuel mGasoil mLight Fuel mTotal P2R Production (ton) - Full Y
Slide 20: Marseille
Marseille ü Permitting: • Construction permit granted by the Town Hall of Chateauneuf les Martigues, transferred to EP • Transfer of the Environmental license to operate to EP ü TOTAL: • Closing and equity investment on 29/03/2019 ü Key indicators: • Capex budget: €19 million • Turnover - full year:
Slide 21: Marseille
Marseille 21
Slide 22: Antwerp
Antwerp ü Creation of Ecoslops Flanders in January 2020, head office in Antwerp ü Kick-off meeting in January 2020 with ATPC ü Launch in April 2020 of the environmental impact and hazard studies ü Key indicators: • Capex budget: €20 million (production capacity of 60,000 tonnes) • Turnover - full ye
Slide 23: Antwerp: Port layout
Antwerp: Port layout to the Refinery sea Tank Farm Collector PORT OF Gunvor ANTWERP Total Mac² Exxon MTD 23
Slide 24: Egypt pre-project
Egypt pre-project ü Feasibility study finalised ü Next stages: • Drafting of an agreement between the parties • Mobilisation of financing by international financial institutions ü Ecoslops’ role: • Project EPC • Unit operator 24
Slide 25: Mini P2R: Working principle
Mini P2R: Working principle A commercial model based on the regeneration of waste into commercial products Diesel Slops & Sludges Transport, electricity, heat or Maritime transport steam production Industrial fuel Used lub oil Industries, garages, Industrial clients electricity generators Diluted bi
Slide 26: Mini P2R
Mini P2R 2019: End of construction and testing of the pilot version in Sines 26
Slide 27: First global installation
First global installation 2020: construction of the first industrial unit for installation in Agadir (Morocco) ü 31/01: Signing of a test/sales agreement with Aqua Flore (Agadir) ü Finalisation of PIDs and launch of detailed studies, then equipment purchase ü Construction in France ü Target for comp
Slide 28: Mini P2R: Ecoslops Value Added
Mini P2R: Ecoslops Value Added PREPARATION INSTALLATION OPERATIONS R&D, Design Transport on site Operation Connection & Construction Sale of products installation Permitting Training of operators Maintenance Import procedure Start-up Technical Support Responsibilities: Ecoslops Client Ecoslops with
Slide 29: CSR is in our DNA, by nature
The cleantech that brings oil into the circular economy CSR is in our DNA, by nature
Slide 30: A positive environmental impact
A positive environmental impact • A three-time reduction in GHG emissions related to the production of oil products • 22 kt CO2eq avoided per year for a site like La Mède treating 30,000t of waste per year GREENHOUSE GAS EMISSIONS AVOIDED = • Reduction in illicit dumping in the sea • Contribution to
Slide 31: A resolute CSR approach with, in 2019
A resolute CSR approach with, in 2019: üThe signing of the United Nations Global üThe appointment and training of a CSR Compact manager in the principles of ISO 26000 and GRI standards üThe direct entry in 24th position into the üThe completion of the first CSR diagnostic Gaïa Rating for companies w
Slide 32: 2020 Objectives
2020 Objectives • Commissioning of the Marseille plant • Submission of the permits and structuring of the financing for Antwerp • Commercialisation of the Mini-P2R 32
Slide 33: Share price
The cleantech that brings oil into the circular economy Share price
Slide 34: Ecoslops share price
Ecoslops share price -30.2% -30.7% -36,7% -62.0% 34
Slide 35: Financier calendar 2020
Financier calendar 2020 • 11 June 2020: General Meeting of Shareholders • 24 September 2020: Half-year results (analyst conference on 25/9) Investors conferences • Oddo Forum conference, 9 January, Lyon • Midcap Partners conference, 13 May, Paris • CIC forum – Market Solutions, 12 June, Paris • Port
Slide 36: Our Ecosystem
Our Ecosystem Partners Prizes Partners & clients 36
Slide 37: Thank you for your attention
7, Rue Henri Rochefort 75017 Paris, France Thank you for France +33 1 83 64 47 43 info.esa@ecoslops.com www.ecoslops.com your attention WARNING- This presentation contains indications on the company’s objectives and lines of development. These indications are sometimes identified by the use of the f