(Boursier.com) — Group turnover Ecoslops in the first half of 2023 recorded a decrease of -38% compared to the first half of 2022. It amounts to 5.52 million euros (8.9 ME as of June 30, 2022). It is worth recalling the high base effect of the previous year with an average price of Brent at 96 euros/bbl (start of the conflict in Ukraine) over the first half of 2022, compared to Brent at 74EUR/bbl on average over the 1st half of 2023, a drop of 23%.
The group recorded a drop in Ebitda of 2.5 ME, which went from +0.5 ME as of June 30, 2022 to -2 ME as of June 30, 2023.
The net result is a loss of -5.76 ME (-1.32 ME as of June 30, 2022).
Financial situation and cash flows
As of June 30, the group had nearly 5.5 ME of cash, including 4.7 ME of available cash (taking into account 0.8 ME of advance conditional on investment subsidies) and a net debt of 24 .7 ME (23.2 ME as of December 31, 2022). Operating cash flow stood at -0.5 ME.
Outlook
With a restructured balance sheet and in line with its financial capacities, the group will be able to focus on its two strategic assets, Ecoslops Portugal and Scarabox. The group intends to continue its efforts to develop and optimize its Sines unit.
In particular, he will work on the renewal of the subconcession in the port of Sines which expires in mid-2027 (end of the 15-year period), with local stakeholders (port authorities, oil terminal and GALP). The group maintains its production objective for the whole year at 20,000/22,000 tonnes.
The Scarabox activity remains an essential pillar of the group’s development to the extent that it mobilizes little capital and generates good margins. This market is growing, especially in emerging countries where environmental issues are becoming a priority. The group is actively working on a contract in Ivory Coast, as part of its partnership with the Parlym group.
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