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Ecoslops Publishes Results For 2019

Ecoslops publishes results for 2019

Ecoslops, the cleantech that brings oil into the circular economy, announces the results for the financial year-end – March 30, 2020 With a turnover of €8.8m, compared to €7.5m in 2018, the financial year 2019 has ended with additional growth of 19% in activity, 23% of which relates to the sale of refined products. In 2019, the production of refined products by the Sinès plant
in Portugal reached its highest level ever at 25,800 tonnes, compared with 19,200 tonnes the previous year. This significant increase in volume (+34%) has to a very large degree offset the drop in the average price of Brent over the period (-12%). The year 2019 was also marked by the significant strengthening of the Group’s human and financial structures with: five experienced team members recruited in R&D, Construction, Operations and Finance. These recruits have doubled the number of employees dedicated to key development projects for the Group (Mini P2R, Marseille, Antwerp etc.).the signing of two long-term financing agreements: €6.5 million with BNP, HSBC and Banque Populaire Méditerranée for the Marseille unit and €18m with the European Investment Bank for the Marseille and Antwerp units and R&D. The Group’s EBITDA increased from -€0.4 million in 2018 to +€0.4 million in 2019. The EBITDA is broken down in the following way: €2.1 million (including €0.6m in subsidies for previous years) for Ecoslops Portugal, -€1.6 million for head office and -€0.1 million for Ecoslops Provence. Project Pipeline Marseille: 2019 was the year in which construction began on our second plant in Marseille, within the Total Provence refinery. At the end of the year, the storage capacities and civil engineering were largely completed. The oven was built and delivered at the start of 2020. The PR2 itself is currently under construction at our external suppliers and half of the framework is already on site. Following the consequences of COVID-19, the site had to stop on 23 March. The results of stopping economic activity on all supply chains that concern us (sourcing raw materials, manufacturing, delivery, assembly etc.) are difficult to estimate. At this stage, we do not anticipate a project delay beyond two months. The commissioning of the plant should take place in the second half of the year. Furthermore, the financing banks approved our first drawdown request for €3.5 million at the end of March, in accordance with the project’s progress. Antwerp: Ecoslops Flanders, a wholly-owned subsidiary, was set up in Belgium. This subsidiary will operate the unit with a production capacity of 60,000 tonnes/year. The hazard and environmental assessments required for the construction permit and operating license have been launched jointly with the VTTI group (Vitol), owner of the ATPC refinery in Antwerp. The provisional schedule is as follows: obtain the permits mid-2021, construction finalised and commissioning mid-2022. Egypt: The feasibility study was submitted to the Suez Canal authorities at the end of 2019. As a reminder, this project initially provides for the installation of means of collection(barge), reception and water/hydrocarbons separation utilities. Current discussions relate to the finalisation of technical points and on how to finance this Port Reception Facility (according to MARPOL terminology). Mini P2R: After the conclusive tests carried out in 2019 on the pilot version, construction of the first industrial unit has begun. An agreement was signed with the company Aqua Flore, from the port of Agadir, Morocco, to commission it in the second half of 2020. After a conclusive test phase, this agreement will result in a sale or lease. This world first will serve as a point of reference for the various identified prospects. The unit will also have the ability to treat used oil, which is a significant source of pollution in many countries due to the lack of any economically viable technical solutions. Since this announcement, numerous prospects have expressed an interest in this modular equipment, the size of which is appropriate. In parallel, the group is in the pre-project phase in areas of very high potential for the P2R, Asia in particular, and is continuing to develop a portfolio of prospects for the Mini P2R. Source: ECOSLOPS

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