(Boursier.com) — Faced with the operational difficulties encountered by Ecoslops Provence, the two shareholders, Ecoslops SA (75%) and TotalEnergies Raffinage France (TERF) (25%) have agreed to end their Joint Venture.
The difficulties encountered are both technical and linked to the change in market conditions, with the unpredictable fall in a few years in the quantities of waste from the Port of Marseille oil terminal and the rise in prices of available alternative waste sources. .
TERF has submitted to Ecoslops SA an offer to buy back its shares in the Ecoslops Provence Joint Venture, including bank debt, to reposition the unit in the industrial system of the La Mède Platform. This offer provides for the repurchase of the shares and shareholder loan of Ecoslops SA in Ecoslops Provence for an amount of 8 million euros, payable in full upon closing.
This repurchase is subject to usual suspensive conditions as well as the release of banks (BEI in particular) of their securities.
Based on the discussions initiated previously, the EIB confirmed its support for this sale operation.
The impact of the expected exit of Ecoslops Provence from the group’s consolidation scope has been provisioned in the half-year accounts, representing an exceptional charge of 1.5 ME.
In the event of this transaction closing on December 31, 2023, the group’s gross debt would increase from €29.4 million on June 30 to €20.5 million. Available cash would increase from 4.7 ME as of June 30 to 10.5 ME, i.e. net debt which would increase from 24.7 ME to 10 ME as of December 31, 2023.
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